American Express will acquire “TheFork,” a European online restaurant reservation and management platform, from Tripadvisor.
The acquisition price is 700 million US dollars, to be paid entirely in cash. Subject to regulatory approval and labor-management consultations, the companies expect the transaction to close within the year. After the acquisition, TheFork will continue to operate under its existing management team.
In February, Tripadvisor announced that it was reviewing strategic alternatives for TheFork. The company has indicated that funds obtained from the sale may be used for share repurchases, debt repayment, and acquisitions related to its Experiences category. Tripadvisor will accelerate its focus on its experiences business, “Viator.” Over the past 12 months, TheFork recorded revenue of 232 million US dollars and adjusted EBITDA of 28 million US dollars.
Founded in 2007, TheFork has partnered with more than 50,000 restaurants across 11 European countries, providing a reservation and discovery platform for millions of users. American Express has previously acquired the restaurant reservation platforms “Resy” and “Tock,” and combined, these platforms will expand its network of bookable dining venues to a total of 75,000 locations. The company aims to enhance dining experiences for its card members and strengthen its business in Europe.
American Express and Tripadvisor say they will explore opportunities to deepen their collaboration in dining, travel, and experiences based on their existing relationship.
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