AmEx Pays $700M for TheFork, Tripadvisor's European Restaurant Platform
Tripadvisor has agreed to sell TheFork, its online restaurant reservation and management platform operating across Europe, to American Express in an all-cash transaction valued at $700 million.
The deal, announced June 15, culminates a strategic review Tripadvisor initiated in February 2026. The sale is expected to close before year-end, pending labor consultation and customary regulatory approvals.
Financial Impact and Use of Proceeds
TheFork generated $232 million in revenue for the last twelve months ending Q1 2026, with adjusted EBITDA of $28 million. The company anticipates minimal tax consequences from the sale, with net proceeds expected to closely approximate the $700 million gross consideration.
Tripadvisor plans to use proceeds for share repurchases, debt reduction, or inorganic investments within its experiences category. The transaction provides "significant flexibility to accelerate its capital return policy, maintain a well-capitalized balance sheet, and continue investing in its Experiences business to drive shareholder value," according to the announcement.
Strategic Rationale
CEO Matt Goldberg said: "This agreement reflects two things we believe deeply: the tangible value across Tripadvisor Group's portfolio and our ongoing focus on the opportunity we see ahead in Experiences. We're proud of what we've built with TheFork and grateful for the team's work to secure a leading position in European dining. I'm confident that we've found an ideal home for them and look forward to expanding our relationship with American Express in the future."
Stephen Squeri, American Express chairman and CEO, added: "In addition to welcoming TheFork to the American Express family, we're excited about the opportunity to deepen our relationship with Tripadvisor going forward. By building on our shared strengths across dining, travel, and experiences, we have opportunities to create even greater value for customers and partners."
Transaction Structure
The agreement is structured as a put option agreement. Goldman Sachs served as Tripadvisor's financial advisor, with Goodwin Procter LLP and Reed Smith LLP providing legal counsel.
Key closing conditions include completion of mandatory employee works council consultations and obtaining regulatory and antitrust approvals. Potential risks flagged by Tripadvisor include difficulties segregating TheFork's integrated technology platform from its retained operations and potential material adjustments to net working capital.
Why It Matters
The sale marks a significant strategic pivot for Tripadvisor as it concentrates firepower on experiences—a higher-growth category than accommodation or dining reservations. For operators, the AmEx acquisition could reshape how TheFork operates in Europe; the card network brings substantial distribution advantages and customer data assets that could enhance the platform's competitive position in restaurant reservations and payments.
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Written by FBM Publications Editors
