Tripadvisor has agreed to sell TheFork, its European restaurant reservation and management platform, to American Express for $700 million in cash. The deal gives Tripadvisor a cleaner path to focus on experiences, while giving American Express a much larger footprint in dining reservations across Europe.
The agreement follows Tripadvisor’s February decision to explore strategic alternatives for TheFork. The company said the transaction recognizes the value built in the restaurant platform over more than a decade and creates additional flexibility for capital returns, debt reduction or investment in its Experiences business.
TheFork generated $232 million in revenue and $28 million in segment adjusted EBITDA over the last 12 months through the first quarter of 2026. The transaction is expected to close before the end of 2026, subject to labor consultation, regulatory approvals and other customary conditions. Tripadvisor said it expects minimal tax cost from the sale, with net proceeds expected to closely approximate the gross amount.
Tripadvisor Sharpens Its Experiences Strategy
For Tripadvisor, the sale reinforces a strategic shift toward experiences, where Viator has become the company’s central growth platform. Tours, activities and local experiences have become one of the most competitive areas in online travel, as travelers increasingly book guided excursions, attractions, food tours, day trips and destination activities before or during their trips.
The divestiture gives Tripadvisor more capital flexibility at a time when online travel companies are competing for demand across hotels, vacation rentals, restaurants and experiences. The company has said potential uses of the proceeds include share repurchases, debt paydown or inorganic investment within the experiences category.
That last option will be closely watched. Tripadvisor already owns Viator, one of the best-known online platforms for tours and activities. Selling TheFork could make the company more focused, but it also increases pressure to prove that experiences can deliver stronger growth and long-term shareholder value than a more diversified travel portfolio.
The transaction also comes after Tripadvisor faced investor pressure to review its structure and sharpen its priorities. By selling a profitable but non-core European dining business, the company is choosing to concentrate resources around a category it sees as a larger travel opportunity.
American Express Builds a Larger Dining Network
For American Express, acquiring TheFork expands a dining strategy already built around Resy and Tock. TheFork connects diners with more than 50,000 restaurants across 11 European countries, and the acquisition is expected to lift American Express’ bookable dining network to about 75,000 venues.
That gives American Express a broader international restaurant platform and strengthens the link between dining, travel and premium customer engagement. For cardholders, restaurant access has become an increasingly important benefit alongside airport lounges, hotel programs and event experiences. For restaurants, platforms such as TheFork can provide discovery, reservations, guest management and marketing tools.
The deal also creates room for Tripadvisor and American Express to deepen their relationship. Both companies pointed to potential value across dining, travel and experiences, suggesting that TheFork may not be the only point of collaboration.
The broader travel takeaway is clear: dining and experiences are becoming more tightly connected to trip planning. Travelers often choose restaurants, tours and activities with the same intent they bring to flights and hotels, and companies that control those touchpoints can build stronger customer relationships.
If the deal closes as expected, Tripadvisor will become more concentrated around experiences, while American Express will gain one of Europe’s most established dining reservation platforms. The transaction may also signal more consolidation ahead as travel, restaurant booking and premium lifestyle services continue to overlap.
