Google (GOOG) acquired restaurant reviewing service Zagat Survey, according to Sept. 8 reports, in an effort to bolster its relationships with local businesses and advertisers.
"Moving forward, Zagat will be a cornerstone of our local offering -- delighting people with their impressive array of reviews, ratings and insights, while enabling people everywhere to find extraordinary (and ordinary) experiences around the corner and around the world," said Marissa Mayer, Google's vice president of local, maps and location services, in a blog post. She added that Zagat gives Google "a world-class team that has more experience in consumer based-surveys, recommendations and reviews than anyone else in the industry."
Zagat guides, founded more than 30 years ago, review hotels, restaurants, shopping and a wide range of consumer categories. The service is available in print and online.The deal price was undisclosed, and some speculated whether the agreed-upon price was similar to the near-$500 million Google offered for Yelp -- an online user-generated review service for local businesses -- in 2009. News of the deal hit online restaurant reservation service OpenTable (OPEN) particularly hard; investors bid the stock nearly 12% lower in the minutes following news of Google's Zagat acquisition.