Another female internet hero exits her business.

OpenTable, a US restaurant reservation service, has agreed to buy Toptable for $55m. Its a merger of an outstanding UK restaurant consumer site with a US restaurant reservation system.

Toptable was founded in 2000 by Karen Hanton.  For the fiscal year 2009, toptable.com reported revenues of approximately £6.3 million GBP and net income of £750,000 GBP.

It allows users to book at more than 5,000 restaurants across the UK and nearly 3m diners book through the site each year.

Toptable started in the UK and has attempted to expand into Europe, first into France, where Michelin has a big presence.

In Europe there are a handful consumer restaurant sites with very big brands, such as Michelin in France, and iens.nl in The Netherlands.
Zagat.com has never really expanded into Europe, but serves its American customers with a European and London guide.

With the acquisition of Toptable.com, Opentable hopes to expand its European presence, and mainly in the United Kingdom, where its biggest competitor is Livebookings, reservation system.

OpenTable will acquire the entire issued share capital, including outstanding options, of privately-held toptable.com for approximately $55 million USD.  The transaction is expected to close in the fourth quarter of 2010 and is subject to customary closing conditions.

OpenTable plans to finance the acquisition with existing cash, cash equivalents and short-term investments.    OpenTable believes it will incur approximately $500,000 in non-recurring transaction and integration costs in both Q3 and Q4, or a total of $1 million through the end of the year.

OpenTable will file a Current Report on Form 8-K that will include as an exhibit the Share Purchase Agreement for the acquisition.  BofA Merrill Lynch is acting as financial advisor and Latham & Watkins LLP as legal counsel to OpenTable; Allen & Company is acting as financial advisor and Bird & Bird LLP as legal counsel to toptable.com.