Tripadvisor Sells TheFork to American Express for $700M, Sharpens Focus on Experiences
Event summary
- Tripadvisor agrees to sell TheFork to American Express for $700M in cash.
- TheFork generated $232M in revenue and $28M in adjusted EBITDA over the last 12 months.
- Transaction expected to close by the end of 2026, subject to regulatory approvals.
- Proceeds may be used for share repurchases, debt paydown, or investments in the Experiences business.
- Tripadvisor aims to refocus on its Experiences strategy post-divestiture.
The big picture
Tripadvisor's sale of TheFork to American Express underscores a broader industry trend of travel platforms divesting non-core assets to sharpen focus on high-growth segments. The $700M deal reflects the strategic value of TheFork's European dining reservation platform, while allowing Tripadvisor to double down on its Experiences business. The transaction also highlights the growing convergence of travel and dining ecosystems, as American Express seeks to integrate TheFork into its broader travel and rewards offerings.
What we're watching
- Strategic Alignment
- How Tripadvisor's divestiture of TheFork will accelerate its Experiences business growth.
- Regulatory Hurdles
- Whether the transaction will face significant regulatory scrutiny before year-end close.
- Capital Deployment
- The pace at which Tripadvisor will allocate proceeds from the sale to share buybacks or debt reduction.
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