American Express Company (AXP), an American payments and travel company, said on Monday that it has planned to buy TheFork, an online restaurant reservation and management platform, from Tripadvisor, Inc. (TRIP), for $700 million in cash.
The proposed transaction is expected to be closed before the end of 2026. The planned acquisition is anticipated to support American Express to expand its dining offerings in Europe and boost its ability to provide access for card members and diners to sought-after restaurants.
Rafa Marquez, President of International Card Services at American Express, said: "Over time, the proposed acquisition would help us enrich our differentiated membership model by offering card members more ways to discover, book and access great restaurants, while helping our partners reach more diners and grow their businesses."
Together with other platforms of the acquirer, TheFork is expected to expand American Express' dining network to 75,000 bookable venues. TheFork connects millions of diners with over 50,000 restaurants across 11 European countries.
TRIP was up by 14.42% at $14.20 in the pre-market trade on the Nasdaq.
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