American Express purchases TheFork in a cash transaction valued at $700 million.

      American Express has acquired TheFork, a European restaurant reservation platform, from Tripadvisor for $700 million in cash. The payments company announced the intended acquisition on Monday, which adds a network of over 50,000 restaurants across 11 European nations to its dining business that has been gradually developing over the years.

      The arrangement is an all-cash put-option deal, a typical structure in Europe: Amex provides Tripadvisor with the option, followed by a consultation with an employee works council. Once Tripadvisor exercises this option, both parties will sign a definitive purchase agreement. The companies anticipate closing the transaction before the end of 2026, contingent on the consultation and necessary regulatory approvals.

      For Tripadvisor, this is a planned exit rather than an unexpected move. It mentioned in February its interest in exploring strategic alternatives for TheFork and is selling to focus on its Experiences business, Viator. Goldman Sachs acted as an advisor to Tripadvisor.

      This acquisition isn't primarily about restaurants; it's more about loyalty. Amex generates revenue by keeping affluent cardholders engaged and spending, and a hard-to-access dinner reservation is a highly appealing perk that a card can provide.

      TheFork is the third component in Amex's strategy. The company already owns Resy and Tock, which are US and global booking platforms, respectively. Amex claims that the combination of the three platforms will push its dining network to over 75,000 bookable venues. The strategy involves owning the entire reservation process in the US and now throughout Europe, ensuring that booking a table, making a payment, and earning rewards all occur within the Amex ecosystem.

      Restaurants benefit by attracting diners; Amex gains data and customer engagement; and cardholders receive access.

      The price appears high but not excessive. TheFork reported $232 million in revenue for the year leading up to the first quarter of 2026, with $28 million in adjusted earnings, so the $700 million price tag is approximately three times its revenue. This indicates a premium for a profitable European platform and signals that Amex is investing in reach and relationships rather than just cash flow.

      This acquisition aligns with a broader trend among card networks towards offering experiences rather than merely credit. Travel, dining, and events are areas where premium cards justify their annual fees, and Amex competes with Chase and other issuers for high-spending clientele. Acquiring the booking platforms outright, as opposed to partnering with them, provides Amex with control over the process and creates a competitive advantage that is difficult to replicate.

      There remain unresolved issues. European regulators will scrutinize the integration of a US payments giant with a significant local booking platform, and restaurants might express reservations about being tied to a single network. Patrons of TheFork and partner restaurants will also be interested to know whether the service will remain accessible to non-Amex users, as has been the case with Resy. However, the objective is evident: Amex is strategically positioning itself to dominate how and where its customers dine.