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

      American Express has acquired TheFork, a European restaurant-reservation platform, from Tripadvisor for $700 million in cash. The payments company announced the proposed transaction on Monday, adding a booking network that includes over 50,000 restaurants across 11 European countries to its dining operations, which it has been steadily developing for years.

      The agreement is structured as an all-cash put-option deal, a common arrangement in Europe: Amex provides Tripadvisor with the option, follows with an employee works-council consultation, and once Tripadvisor exercises this option, the two will sign a definitive purchase agreement. The companies anticipate the deal will be finalized before the end of 2026, contingent upon the consultation and regulatory approvals.

      For Tripadvisor, this is a planned move rather than a surprise. In February, it announced it was considering strategic alternatives for TheFork, intending to sell and refocus on its Experiences business, Viator. Goldman Sachs acted as an advisor for Tripadvisor in this transaction.

      This acquisition is less about restaurants directly and more about enhancing loyalty. Amex’s revenue relies on keeping affluent cardholders engaged and spending, and a sought-after dinner reservation is one of the most attractive perks a card can provide.

      TheFork is the third acquisition in this domain. Amex already owns Resy and Tock, both booking platforms in the US and globally, and claims that the combined entities will elevate its dining network to over 75,000 bookable locations. The strategy is to control the entire reservation process in both the US and Europe, allowing table bookings, payments, and rewards to all occur within the Amex ecosystem.

      Restaurants gain access to diners; Amex obtains data and engagement; cardholders enjoy exclusive access.

      The price appears high but not unreasonable. TheFork generated $232 million in revenue in the year leading up to the first quarter of 2026 and had $28 million in adjusted earnings, making the $700 million valuation approximately three times its revenue. This represents a premium for a profitable European platform, suggesting that Amex is purchasing not just for cash flow, but also for market reach and relationships.

      This move aligns with a wider trend among card networks geared towards offering experiences rather than just credit. Travel, dining, and events provide justification for high annual fees on premium cards, where Amex competes with Chase and others for affluent consumers. By fully acquiring these booking platforms rather than merely forming partnerships, Amex secures control over the entire process and establishes a competitive advantage that is difficult to replicate.

      However, there are outstanding concerns. European regulators will scrutinize the absorption of a significant regional booking platform by a US payment giant, and restaurants may resist being tied to a single network. Additionally, diners and partner restaurants linked to TheFork will want clarity on whether the service will remain accessible to non-Amex customers, as Resy generally has been. Nonetheless, the overarching goal is evident: Amex is positioning itself to dominate how and where its customers dine.