The acquisition expands the card company’s dining reservation network to 75,000 establishments, while ensuring financial flexibility for Tripadvisor to accelerate capital returns to shareholders
American Express has agreed to acquire European online restaurant reservation and management platform TheFork from Tripadvisor for $700 million.
American Express reported this Monday (15) that the operation reinforces the credit card company’s broader strategy for the gastronomy segment, which already includes the Resy digital reservation platform, expanding its network to 75 thousand establishments with available reservations.
Tripadvisor, which earlier this year announced it was evaluating strategic alternatives for TheFork, said it expects the sale to provide the Needham, Massachusetts-based company with greater flexibility to accelerate its policy of returning capital to shareholders, maintain a well-capitalized balance sheet and continue investing in its experiences business.
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The transaction is expected to be completed by the end of this year. Source: Dow Jones Newswires.
