Tripadvisor announced that it has entered into a put option agreement to sell TheFork, its European online restaurant reservation and management platform, to American Express in an all-cash transaction valued at $700 million.
The agreement follows Tripadvisor’s announcement earlier this year that it would explore strategic alternatives for TheFork. The company said the transaction highlights the value created within its portfolio and will allow it to sharpen its focus on the experiences category.
Tripadvisor expects the transaction to provide significant financial flexibility, enabling the company to accelerate capital returns, maintain a strong balance sheet, and continue investing in its Experiences business. Potential uses of the proceeds include share repurchases, debt reduction, and acquisitions within the experiences segment.
The companies also see opportunities to deepen their existing relationship and create additional value for travelers through future collaborations.
As of the first quarter of 2026, TheFork generated trailing 12-month revenue of $232 million and segment adjusted EBITDA of $28 million.
The proposed transaction is expected to close before the end of 2026, subject to customary conditions, labor consultations, and regulatory approvals. Tripadvisor said it expects minimal tax costs associated with the sale, with net proceeds anticipated to closely approximate the $700 million gross proceeds.
Goldman Sachs served as financial advisor to Tripadvisor and TheFork. Goodwin Procter and Reed Smith acted as legal advisors.
Tripadvisor Group operates a portfolio of travel and experiences brands, including Tripadvisor, Viator, and TheFork, with a strategy centered on becoming a leading platform for travel experiences.
KEY QUOTES:
“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.”
Matt Goldberg, CEO of Tripadvisor Group
“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.”
Stephen Squeri, Chairman and Chief Executive Officer of American Express
