TripAdvisor Inc

Tripadvisor contributed to the Longleaf Partners Small-Cap Fund in the second quarter of 2026 after announcing the sale of its TheFork business to American Express. The price was well above depressed market expectations and closer to the fund's opinion of fair value. The deal will put Tripadvisor into a strong net cash position and open up additional strategic options. The fund believes Tripadvisor can grow its free cash flow per share more than the market expects as its growing Viator business overtakes its shrinking core Tripadvisor business. Tripadvisor shares gained 12.41% over the past month but lost 21.05% over the past 52 weeks, closing at $14.40 on July 13, 2026, with a market capitalization of $1.68 billion.

Tripadvisor sold its restaurant booking platform The Fork to American Express for $700 million, a deal that amounted to roughly half of the company's market capitalization at the time. Middle Coast Investing noted in its second-quarter 2026 investor letter that the stock ended the day of the announcement up only 1.2%, a day that also saw news of an Iran-U.S. ceasefire, and subsequently crawled up another 9% by quarter-end. The firm suggested the muted reaction reflected a market trading more on sector dynamics than on company-specific news. Tripadvisor shares lost 21.31% over the past 52 weeks and closed at $14.29 on July 2, 2026, giving it a market capitalization of $1.63 billion.

Tripadvisor has agreed to sell its restaurant reservation platform TheFork to American Express for US$700,000,000 in cash. The deal, announced in June 2026, is part of Tripadvisor's strategy to simplify its portfolio and focus on its travel experiences marketplace anchored by Viator. The sale comes as an activist-influenced board, following a cooperation agreement with Starboard Value and a board expansion in March 2026, explores options to enhance shareholder value. Tripadvisor's stock rose 5.9% on the news.

Tripadvisor announced the sale of its restaurant reservation platform TheFork to American Express for $700 million in cash on June 15, 2026. The deal provides substantial liquidity and allows the company to focus on expanding Viator, its fast-growing tours and activities marketplace, which now contributes nearly half of total revenue. Following the transaction, Tripadvisor is expected to hold roughly $637 million in net liquidity, implying the market values the remaining operating businesses at only around $800 million despite Viator generating nearly $1 billion in annual revenue. The company also repaid maturing convertible debt in cash, eliminating balance sheet stress and potential shareholder dilution. With activist investor involvement, potential share repurchases, and a key catalyst in the upcoming August 2026 earnings report, Tripadvisor presents a highly asymmetric opportunity where a rerating of Viator and a potential short squeeze could drive substantial upside.

American Express has agreed to acquire restaurant reservation platform TheFork from Tripadvisor in an all-cash deal valued at $700 million. The acquisition will expand American Express' dining network to approximately 75,000 bookable restaurants and strengthen its international operations, a fast-growing segment. TheFork will continue under its current leadership, with the transaction expected to close before the end of 2026. The sale follows pressure from activist investor Starboard Value, which urged Tripadvisor last October to divest the platform.