Tripadvisor has completed the sale of TheFork, its European restaurant-reservation and management platform, to American Express Travel Related Services Company. The all-cash deal was valued at $700 million, subject to adjustments, and transfers the business out of Tripadvisor.
The sale closes a strategic chapter for Tripadvisor: it will no longer operate TheFork, though it will provide transition services to the buyer for a limited period.
- Price and form: American Express paid $700 million in cash, subject to certain adjustments.
- Transition support: Tripadvisor will provide services to help transfer the business for 12 months, unless otherwise specified in the agreement.
- Financial detail to come: Tripadvisor said it expects to discuss the transaction on its third-quarter earnings call scheduled for November 5. It also expects to provide unaudited pro forma financial statements by that date.
- What changes: The sale removes TheFork’s European restaurant-reservation and management operations from Tripadvisor’s portfolio. The company has not yet provided the pro forma figures needed to show the transaction’s financial effect.