American Express to Acquire Tripadvisor's TheFork for $700M; TRIP Surges ~14%

American Express (AXP) and Tripadvisor (TRIP) announced on June 15, 2026 that they have reached an agreement for Amex to acquire TheFork — Tripadvisor's European restaurant booking platform — for approximately $700 million in cash.^{[PR Newswire]} TRIP shares moved sharply higher on the announcement. Below is a breakdown of the deal terms, TheFork's financials, and the conditions that still need to be met before the transaction closes.

$700M All-Cash, Structured Via Put Option

Key terms disclosed by both parties are as follows.^{[PR Newswire]}

• Acquirer: American Express (AXP). Seller: Tripadvisor (TRIP).
• Target: TheFork, Tripadvisor's European restaurant reservation business.
• Transaction value: approximately $700 million.
• Consideration: all cash.
• Structure: executed via a put option agreement rather than a straightforward direct sale.

Per the announcement, this is a full all-cash acquisition of TheFork as a standalone business — not Tripadvisor as a whole. In its newsroom release, Amex framed the deal as an expansion of its dining reservations footprint.^{[American Express Newsroom]}

TheFork: 50,000+ Restaurants, ~$232M in Revenue

Disclosed financials and operating metrics paint the following picture of TheFork's current scale.^{[PR Newswire]}

• Coverage: 11 European countries.
• Restaurant partners: 50,000+.
• Trailing-twelve-month revenue: ~$232 million (through Q1 2026).
• Trailing-twelve-month adjusted EBITDA: ~$28 million.

TheFork is a consumer-facing platform for discovering and booking restaurant tables, with reservation management tools on the restaurant side. The revenue and adjusted EBITDA figures cited above are TTM through Q1 2026, reflecting TheFork's standalone performance ahead of the acquisition.

TRIP Surges ~14%; Amex Dining Portfolio to Hit ~75,000 Venues

Amex said TheFork will slot into its existing dining reservation portfolio alongside Resy and Tock.^{[American Express Newsroom]} The combined numbers:

• Total bookable venues post-acquisition: ~75,000.
• TheFork adds European coverage; Resy and Tock are Amex's existing U.S.-focused reservation assets.

On the equity side, Tripadvisor (TRIP) saw a sharp move higher following the announcement.^{[PR Newswire]}

• TRIP shares rose approximately 13.6%–14% in premarket and Monday trading session activity.

The range above reflects premarket and Monday session figures as reported publicly; official closing performance is per exchange records. Amex (AXP) did not disclose the specific financial statement impact of the transaction in its announcement.

Closing Conditions: Regulatory and Labor Hurdles Remain

As of the announcement date, several conditions must be satisfied before the deal formally closes.^{[PR Newswire][American Express Newsroom]}

• Expected close: by end of 2026.
• Labor consultations must be completed.
• Regulatory approvals must be obtained.
• As a put option structure, final execution is governed by the agreed terms.

In short, as of announcement, this deal is signed but not yet closed. Whether it clears by year-end depends on how labor consultations proceed and how regulators respond — both of which are standard prerequisites for European M&A but carry no guaranteed timelines or outcomes at this stage. Investors should monitor further disclosures from both companies regarding closing progress and regulatory feedback.

This article summarizes company announcements and public reports only, and does not constitute a recommendation or view on American Express (AXP), Tripadvisor (TRIP), or any security.

This content is for informational purposes only and does not constitute investment advice, trading advice, or any guarantee of returns.