American Express (NYSE: AXP) has announced a definitive agreement to acquire TheFork, the European restaurant booking platform, from TripAdvisor (NASDAQ: TRIP) for $700 million in cash. The transaction is expected to close before the end of 2026, subject to regulatory approvals, labor consultations, and customary closing conditions.
The acquisition marks a significant expansion of American Express's dining ecosystem. TheFork connects over 50,000 restaurants across 11 European countries, offering reservation and management tools to both diners and restaurant owners. By integrating TheFork with its existing platforms Resy and Tock, American Express will offer access to approximately 75,000 bookable dining venues worldwide.
"Dining is one of the most important ways people engage with our brand," said Rafa Marquez, President of International Card Services at American Express, in a statement. The move underscores the company's strategy to deepen customer loyalty through premium dining experiences, a key differentiator in the competitive credit card market.
For TripAdvisor, the sale represents a strategic pivot toward its Experiences segment, which includes tours, activities, and attractions. The company had signaled its intention to explore options for TheFork earlier this year. "This transaction demonstrates the tangible value of our portfolio and sharpens our focus on Experiences," said Matt Goldberg, CEO of TripAdvisor.
Financial details from TripAdvisor's latest filing reveal that TheFork generated $232 million in revenue and $28 million in adjusted EBITDA for the twelve months ended March 31, 2026. The sale is expected to result in minimal tax liability, allowing TripAdvisor to retain nearly the full $700 million in net proceeds.
TripAdvisor plans to deploy the proceeds toward share repurchases, debt reduction, or investment in its Experiences business. However, some analysts have expressed caution. Jake Fuller of BTIG noted to Reuters that while the deal is positive for TripAdvisor, investors may question whether the funds should be allocated to Viator, the company's flagship experiences platform, rather than other uses.
The acquisition builds on American Express's history of dining-related investments. The company previously acquired Resy, a reservation platform popular in the U.S., and Tock, which focuses on premium dining and event bookings. Together, these platforms create a comprehensive dining network that spans multiple price points and geographies.
The deal is expected to close by the end of 2026, pending standard approvals. For American Express, the acquisition is a clear signal of its commitment to enhancing cardholder benefits and driving engagement through curated lifestyle offerings. For TripAdvisor, it provides both capital and strategic clarity as it doubles down on the experiences market.
