AXP: Acquisition of TheFork to Sharpen Competitive Dining Edge in Europe

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AXP: Acquisition of TheFork to Sharpen Competitive Dining Edge in Europe

Payments, Processors, & IT Services

AMERICAN EXPRESS (AXP) June 15, 2026

AXP: Acquisition of TheFork to Sharpen Competitive Rating:

Dining Edge in Europe Peer Perform

Price:

$325.44

●This morning, AXP announced the proposed acquisition of TheFork from Price Target:

NA Tripadvisor for $700mn in cash. The deal would add a major European

booking / management platform with over 50k restaurants in force across Source: FactSet, Wolfe Research

11 countries. Overall, we view the deal as strategically consistent with Priced as of 06/12/26

AXP's efforts to make dining a more visible facet of its membership model,

especially following prior acquisitions of Resy and Tock. Following the deal

close, AXP's dining network will expand to 75k global locations.

●We view TheFork as a logical extension of a dining strategy that has Darrin Peller

already shown meaningful traction in the U.S. Resy has scaled to at least dpeller@wolferesearch.com

(646) 582-9310

~60mn users as of February, while AXP has increasingly embedded the View Darrin’s Research

platform into its cardmember value propositions through dining access and View AXP Model

statement credits (we highlight Gold cardmembers receive a $100/year credit, View Comp Table

while Platinum members can access up to $400/year). Tock further expanded Cameron Dyer

this ecosystem, adding ~7k restaurants, wineries, and other premium venues. cdyer@wolferesearch.com 646-582-9337

Cardholder engagement with Resy is strong, and we highlight recent

company disclosure that spend at domestic Resy locations was up 20% Y/ Paulpobrecht@wolferesearch.comObrecht

Y as of 1Q results. (646) 582-9308

Josefina Ruggieri

jruggieri@wolferesearch.com