Tripadvisor Inc. announced that it has entered into a definitive agreement to sell TheFork, its online restaurant reservation and management platform across Europe, to American Express for $700 million in cash. The market reacted quickly - Tripadvisor shares rose roughly 14% after the announcement.
Company executives framed the move as a step to concentrate resources on Tripadvisor’s Experiences segment. Tripadvisor first said in February 2026 that it would explore strategic alternatives for TheFork, and the sale formalizes that process.
"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,"
Matt Goldberg, CEO of Tripadvisor Group, offered the quote above to describe the rationale behind the divestiture. Tripadvisor stated the transaction is intended to provide flexibility to accelerate its capital return program, preserve a well-capitalized balance sheet, and maintain the ability to invest in Experiences. Possible uses of the proceeds listed by the company include share repurchases, debt reduction, or reinvestment in the experiences category.
Financial details for TheFork cited by Tripadvisor show that, as of the first quarter of 2026, the business generated $232 million in revenue on a last-twelve-month basis and $28 million in adjusted EBITDA over the same period.
The companies anticipate the deal will conclude before the end of 2026. Closing remains subject to a labor consultation process and customary closing conditions, including receipt of any required regulatory approvals. Tripadvisor said it expects the tax impact from the sale to be minimal, with net proceeds anticipated to be close to gross proceeds.
Both firms indicated there is scope to expand their existing commercial relationship following the transaction. Stephen Squeri, Chairman and CEO of American Express, commented that the company looks forward to deepening its relationship with Tripadvisor as the deal moves forward.
Advisors on the transaction included Goldman Sachs acting as financial advisor to Tripadvisor. Legal counsel for Tripadvisor and TheFork was provided by Goodwin Procter LLP and Reed Smith LLP.
The sale represents a material change in Tripadvisor’s portfolio management, freeing capital currently tied to its restaurant reservation operations. The cash proceeds and stated strategic priorities make clear the company plans to concentrate on Experiences while retaining flexibility over capital allocation.