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Starboard’s Jeff Smith Urges Tripadvisor to Explore Sale of TheFork or Entire Company

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Starboard Value CEO Jeff Smith called on Tripadvisor (TRIP.O) to consider selling its restaurant reservation platform TheFork—and potentially the entire company—as part of a broader effort to unlock shareholder value. Speaking at the 13D Monitor Active Passive Investment Summit in New York, Smith said Tripadvisor’s brand remains “amazing,” but the company has “a huge opportunity to transform and reimagine the user experience to improve revenue growth.”

Tripadvisor operates three main businesses: its flagship travel review and hotel booking platform, Viator, which specializes in tours and experiences, and TheFork, a restaurant booking service. Smith said TheFork, being “the most easily separable and least integrated” of the trio, could be sold “at an attractive multiple.” He also raised the possibility of divesting or restructuring the entire company to unlock more value.

Starboard, which has built a 9% stake in Tripadvisor this year, has been in discussions with the company’s management for weeks. Smith argued that Tripadvisor is “too cheap for a company that is growing” and highlighted Viator’s potential, calling experience booking “the fastest-growing segment in travel.”

In a statement, Tripadvisor said it “values constructive engagement with all shareholders” and remains committed to driving long-term value.

Smith also pointed to significant cost-cutting opportunities within Tripadvisor’s core brand, especially if revenue growth doesn’t accelerate. The hedge fund’s proposal echoes similar activist campaigns where Starboard has pushed for structural changes and asset sales to boost shareholder returns.

Cellnex sells French data center arm Towerlink France for €391 million

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Cellnex (CLNX.MC), Europe’s largest mobile tower operator, announced on Friday that it has agreed to sell its French data center unit, Towerlink France, to Vauban Infra Fibre for €391 million ($458 million).

The Spanish company said the deal, made through its French subsidiary, will be fully settled in cash upon completion. The transaction covers 99.99% of Towerlink France’s share capital.

The sale marks another key step in Cellnex’s strategic shift from aggressive acquisitions toward strengthening its balance sheet and focusing on its core telecom infrastructure business.

In September, Reuters reported that Cellnex had been in talks with advisers to divest its French data center operations as part of broader restructuring efforts. Towerlink France operates the company’s main data center activities in the country.

The move follows a string of recent asset sales aimed at reducing debt and improving liquidity. Earlier this year, Cellnex sold its Austrian operations for €803 million and its Irish business for €971 million, freeing up significant capital.

Analysts say the divestments reflect a pragmatic approach by the company to consolidate around its core telecommunications tower business, which remains highly profitable amid Europe’s accelerating 5G rollout.