Tripadvisor Agrees to Sell TheFork to American Express for $700 Million

Tripadvisor is getting out of the restaurant-reservation business. The company has agreed to sell TheFork, its European dining platform, to American Express for $700 million in cash, a move that hands Tripadvisor a large lump of capital and lets it concentrate on its experiences business.

The deal, disclosed in a securities filing on June 15, takes the form of a put option agreement signed June 14 with American Express Travel Related Services Company. American Express has given an irrevocable commitment to buy the legal entities that make up TheFork. The put-option structure is common in European transactions, where employee consultation has to run its course before a sale can formally close.

For context, this is the end point of a process Tripadvisor started in February, when it said it would explore strategic alternatives for TheFork. That announcement landed alongside a broader pivot: a roughly 20% headcount reduction, a tighter alignment around Viator, and an "experiences-first" strategy. It also came while activist investor Starboard Value was pressing the company on its direction. Selling TheFork removes one of the last pieces that did not fit the experiences narrative.

The numbers give a sense of what American Express is buying. Over the trailing twelve months through the first quarter of 2026, TheFork generated $232 million in revenue and $28 million in segment adjusted EBITDA. At $700 million, the price works out to roughly three times revenue.

Tripadvisor says it expects minimal tax cost on the sale, so net proceeds should land close to the gross $700 million. The company flagged three possible uses for the cash: share repurchases, paying down debt, or buying something else within the experiences category. It also said the deal gives it room to speed up its capital-return program while keeping a well-capitalized balance sheet.

"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," said Matt Goldberg, chief executive of Tripadvisor Group. Stephen Squeri, chairman and chief executive of American Express, framed it as more than a one-off purchase, pointing to "opportunities to create even greater value for customers and partners" across dining, travel, and experiences.

For accommodation operators and property managers, the direct impact is limited, since TheFork sits on the restaurant side. The signal is what matters. Tripadvisor is committing hard to Viator and experiences as its growth engine, and is willing to part with a profitable business and a decade of work to fund that bet. Operators who distribute experiences through Viator should expect continued investment there. The deepening relationship between Tripadvisor and American Express is also worth watching, given Amex's reach in travel and dining.

The transaction is expected to close before the end of 2026, subject to labor consultation and customary conditions, including regulatory approvals. Goldman Sachs advised Tripadvisor on the deal, with Goodwin Procter and Reed Smith acting as legal advisors.