Amex Expands Dining Network
American Express Acquires TheFork for $700 Million, Expanding Global Dining Network
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Key Points
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The deal will use a specific European transaction structure: it is an “all-cash put-option agreement,” where Amex grants Tripadvisor an option; an “employee works-council consultation runs,” and only after Tripadvisor exercises the option do the parties sign the definitive purchase agreement—rather than immediately signing a final sale.
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American Express President of International Card Services Rafa Marquez said, “Dining is one of the most important ways people engage with our brand,” adding that the acquisition would “enrich our differentiated membership model” by giving card members “more ways to discover, book and access great restaurants,” while “helping our partners reach more diners and grow their businesses.”
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TheNextWeb reported that TheFork’s economics make the price a notable premium: it “turned over $232m in the year to the first quarter of 2026” and “made $28m in adjusted earnings,” making the $700m valuation “roughly three times revenue.”
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TheFork’s platform scope and history were more detailed than in the summary: it was founded in 2007 and acquired by Tripadvisor in 2014, and it offers both consumer-facing and operator-focused tools including reservation management, customer relationship management (CRM), guest engagement, and restaurant discovery—covering major markets such as France, Spain, Italy, Portugal, Belgium, the Netherlands and Switzerland.
American Express has agreed to buy TheFork, Europe's leading restaurant reservation platform, from Tripadvisor for $700 million in cash, the companies announced on June 12, 2026. The deal would push Amex's global bookable dining network to roughly 75,000 venues — combining TheFork's 50,000-plus European restaurants with its existing Resy and Tock platforms American Banker.
Amex President of International Card Services Rafa Marquez said dining is "one of the most important ways people engage with our brand" and that the deal would give cardholders "more ways to discover, book and access great restaurants." The transaction is expected to close before the end of 2026, pending regulatory approvals Restaurant Technology News.
TheFork's European Reach and 19-Year History
TheFork was founded in 2007 in France under the name LaFourchette. Tripadvisor bought it in 2014. Today it operates in 11 European countries — including France, Spain, Italy, Portugal, Belgium, the Netherlands, and Switzerland — serving more than 50,000 restaurant partners Rolling Out.
The platform does more than take bookings. It gives restaurants tools for reservation management, customer relationship management, and guest engagement. For diners, it is a discovery and booking app. Mogaz reported that TheFork's combined consumer and operator features made it the dominant player in the European market.
Why Amex Paid a 3x Revenue Premium for TheFork
TheFork turned over $232 million in revenue for the 12 months ending Q1 2026 and posted $28 million in adjusted earnings. At $700 million, Amex is paying roughly three times revenue — a steep multiple for the current European tech market TS2 Tech.
Analysts say the premium is about data and loyalty, not just bookings. By owning the reservation layer, Amex can see where its cardholders eat, when they eat, and how much they spend — before a card is even swiped. This is the third major dining acquisition for Amex, after it bought Resy in 2019 and Tock in 2024 Restaurant Technology News.
A European Deal Structure That Delays the Final Signature
This deal is structured differently from a typical U.S. acquisition. It is an "all-cash put-option agreement." That means Amex has granted Tripadvisor the option to sell — but the final purchase agreement cannot be signed until mandatory employee works-council consultations are finished. This is required under European labor law American Banker.
Works-council consultations with employee representatives in France and Spain began on June 14, 2026. Only after those talks conclude can Tripadvisor formally exercise its option and bind the deal. TheFork will keep its current leadership and operate as a standalone brand alongside Resy and Tock Rolling Out.
Tripadvisor Cashes Out to Bet on Experiences
For Tripadvisor, the $700 million sale is a strategic exit. CEO Matt Goldberg said the move lets the company focus on its Experiences business — anchored by its Viator brand — while keeping a "well-capitalized balance sheet" to return cash to shareholders. Tripadvisor shares jumped 12% in pre-market trading on June 13 TS2 Tech.
European tech media have raised questions about the deal's long-term impact on diners. Some smaller restaurants worry that Amex's ownership could lead to higher fees or a model that prioritizes wealthy cardholders over regular locals Mogaz.
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