ON24 Inc. (ONTF) shareholders are having a good Tuesday. The company announced it's being acquired by Cvent in an all-cash deal worth roughly $400 million, and investors are clearly pleased with the price.

The Deal Terms

Here's what ON24 shareholders are getting: $8.10 per share in cash. That's a pretty solid premium—about 62% above where the stock closed on November 10, 2025, which was the last trading day before ON24 revealed it had been fielding multiple acquisition offers. It also works out to a 51% premium over the stock's 90-day volume-weighted average price, so this isn't just a flash-in-the-pan bump.

The board unanimously approved the transaction, which is always a good sign. The deal is expected to close sometime in the first half of 2026, assuming shareholders vote yes and regulators give their blessing. Once it's finalized, ON24 will disappear from public markets and operate as a private company under Cvent's ownership.

Why This Combination Makes Sense

The strategic logic here is about building a more complete enterprise engagement toolkit. ON24 brings its enterprise-grade webinar and digital engagement platform to the table, while Cvent contributes its meetings, events, and hospitality technology. Together, the companies plan to support what they describe as increasingly digital and complex buyer journeys spanning marketing, sales, customer success, and events.

"We are pleased to announce this transformative transaction which marks an important new chapter for ON24," said Sharat Sharan, co-founder, Chairman and CEO of ON24. "We're proud of our global, AI-powered, intelligent engagement platform which enables enterprises to effectively interact with their customers."

Reggie Aggarwal, Founder and CEO of Cvent, added: "ON24 has earned the trust of enterprise organizations and marketers by delivering reliable, outcome-driven digital engagement."

ONTF Price Action: ON24 shares jumped 36.67% to $8.00 at the time of publication on Tuesday.