American Express acquires TheFork from Tripadvisor for $700 million
American Express announced a $700 million cash acquisition of TheFork, a European restaurant booking platform, from Tripadvisor. TheFork operates over 50,000 restaurants across 11 European countries. The deal expands Amex’s dining network to 75,000 bookable venues, adding to its Resy and Tock platforms. Tripadvisor shares surged 14% on the news, and proceeds may fund buybacks or experience investments. The transaction is expected to close by end of 2026, pending regulatory and labor approvals.
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Jefferies: Tripadvisor sale of TheFork accretive to valuation but not outlook
Tripadvisor has agreed to sell its European restaurant reservations platform TheFork to American Express for $700 million cash, a deal expected to close before the end of fiscal 2026. According to Jefferies, the transaction simplifies Tripadvisor's structure and yields a higher-than-expected valuation, with the price implying roughly 2.5x 2027 revenue and about 19x 2027 EBITDA. Jefferies raised its price target on Tripadvisor to $11 from $8.50, but maintained an 'Underperform' rating, citing ongoing declines in the core Hotels business. The broker forecasts a mid-single-digit decline in pro forma EBITDA through 2028, with Hotels EBITDA falling about 20% annually, partially offset by 25% annual growth in Experiences (Viator). Tripadvisor may use proceeds for share repurchases, debt reduction, or acquisitions in its Experiences segment. The stock traded near $12.50 on Tuesday afternoon.
Yahoo FinanceJefferies: Tripadvisor Sale of TheFork Accretive to Valuation, Not Outlook
Tripadvisor has agreed to sell its European restaurant reservations platform TheFork to American Express for $700 million in cash, a deal expected to close before the end of fiscal 2026. Jefferies analysts note the sale simplifies Tripadvisor's structure and implies a higher-than-expected valuation for TheFork, roughly 2.5x 2027 estimated revenue and 19x 2027 EBITDA. Jefferies raised its price target on Tripadvisor to $11 from $8.50, but maintained an 'Underperform' rating, citing ongoing declines in the Hotels business and a weakening profit trajectory. The firm forecasts a mid-single-digit decline in pro forma EBITDA through 2028, with Hotels EBITDA falling about 20% annually, partially offset by 25% annual growth in Experiences (Viator). Tripadvisor may use proceeds for share repurchases, debt reduction, or acquisitions in its Experiences segment.
Yahoo FinanceAmerican Express Acquires TheFork from Tripadvisor for $700 Million
American Express has agreed to acquire TheFork, Tripadvisor's European restaurant booking platform, for $700 million in an all-cash transaction. TheFork operates in 11 European countries with a network of over 50,000 restaurants. This acquisition will bring American Express's total bookable dining venues to 75,000, adding to its existing Resy and Tock platforms. Tripadvisor announced the sale following a February 2026 exploration of strategic alternatives for TheFork, allowing the company to focus on its experiences-focused strategy. TheFork reported $232 million in revenue and $28 million in adjusted EBITDA for the twelve months ending March 31, 2026. American Express CEO Stephen Squeri noted the deal opens opportunities to deepen the relationship with Tripadvisor. The current leadership team at TheFork is expected to remain in place, and the transaction is subject to labor consultation and regulatory approvals, with closure expected before the end of 2026.
Yahoo FinanceAmerican Express Shares Rise on $700 Million TheFork Acquisition Plan
American Express Co. (NYSE:AXP) shares rose 1.3% in premarket trading on Monday after announcing a $700 million cash deal to acquire TheFork from Tripadvisor Inc. (NASDAQ:TRIP). TheFork, a restaurant reservation and management platform operating in 11 European countries with over 50,000 restaurant partners, will combine with American Express' existing dining platforms Resy and Tock, expanding the network to approximately 75,000 bookable restaurants worldwide. The acquisition aims to strengthen American Express' dining ecosystem and its position in Europe, a key growth market. The transaction is expected to close before the end of 2026, pending regulatory approvals and labor consultations. TheFork will continue under its current leadership. American Express President of International Card Services Rafa Marquez highlighted the deal's potential to enrich the Membership Model by offering card members more dining options and helping partners grow their businesses.
Yahoo FinanceTripadvisor Shares Surge 14% After $700 Million Sale of TheFork to American Express
Tripadvisor Inc. (NASDAQ:TRIP) shares surged 14% after announcing the sale of its European restaurant booking platform, TheFork, to American Express (NYSE:AXP) for $700 million in cash. The divestiture aligns with Tripadvisor's strategy to focus on expanding its Experiences business. TheFork generated $232 million in revenue and $28 million in adjusted EBITDA in the 12 months through Q1 2026. Proceeds from the sale may fund share buybacks, debt reduction, or further investments in experiences. The deal is expected to close before the end of 2026, pending regulatory and labor approvals. Both companies see potential for future collaboration, with American Express Chairman and CEO Stephen Squeri expressing interest in expanding the partnership. Goldman Sachs acted as financial advisor to Tripadvisor.
Yahoo FinanceAmerican Express Announces Proposed Acquisition of TheFork, a Leading European Restaurant Booking Platform
American Express (NYSE: AXP) announced a proposed acquisition of TheFork, a leading European online restaurant reservation and management platform, from Tripadvisor, Inc. (NASDAQ: TRIP) for $700 million in cash. TheFork connects millions of diners with over 50,000 restaurants across 11 European countries. The acquisition builds on American Express' broader dining strategy, following its successful acquisitions of Resy and Tock, and would expand its dining network to 75,000 bookable venues. The deal aims to strengthen American Express' dining offerings in Europe, provide card members with better restaurant access, and support international business growth. TheFork would continue to operate under its existing leadership team. The transaction is expected to close before the end of 2026, subject to labor consultation and regulatory approvals.
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