JPMorgan Agrees to Buy Restaurant-Guide Company That Owns Zagat
(Bloomberg) -- JPMorgan Chase & Co. agreed to acquire the Infatuation, a restaurant-guide company that owns Zagat, as the bank seeks to expand its consumer offerings to credit-card users and other customers.
The Infatuation will operate as a separate brand led by Chief Executive Officer Chris Stang, the companies said in a statement Thursday. Financial terms of the agreement weren’t disclosed.
Founded in 2009 by Stang and Andrew Steinthal, the Infatuation bills itself as a service to help diners find the best restaurant for any situation. In addition to a presence in 50 cities in the U.S. and abroad, the Infatuation also offers a membership program with perks and discounts and runs a bi-coastal food festival.
“We’ve long admired the Infatuation’s fresh approach to reaching people with relatable content that inspires new ways to experience life through food and drink, whether it’s down the street or across the globe,” Marianne Lake, co-CEO of consumer and community banking at JPMorgan, said in the statement.
JPMorgan, which offers the popular Sapphire Reserve card, has battled for years with American Express Co. and other firms to lure heavy credit-card customers who use the lines for dining out, travel and entertainment. AmEx in 2019 acquired Resy, the popular restaurant-reservations system.
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