M&A · Tech · Services-Prepackaged Software
Cvent Atlanta, LLC to acquire ON24 Inc.
Announced Dec 30, 2025 · Closed Apr 1, 2026
Deal value$400MEV $295M
Premium62.0%To unaffected price
EV / Adj. EBITDA—2.1x EV / Revenue
ConsiderationAll cash$8.10 per share
Transaction
- Acquirer
- Cvent Atlanta, LLC
- Target
- ON24 Inc. (ONTF)
- Buyer type
- Strategic
- Offer price per share
- $8.10
- Enterprise value
- $295M
- Status
- Closed Apr 1, 2026
Deal protections
- Break fee (target pays)
- $12.0M · 3.0%
- Reverse fee (buyer pays)
- $22.0M · 5.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- William Blair
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 69 in the prior 24 months
- Premium
- 62.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.5x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedDec 30, 2025
- Proxy filedFeb 9, 2026
- Definitive proxyFeb 24, 2026
- Shareholder voteMar 26, 2026
- ClosedApr 1, 2026
Valuation · fairness opinions
Analyst price targets$6.30$8.30
Analyst price targets$3.90$7.60
Precedent transactions$6.20$9.70
Premiums paid$6.00$7.90
Offer $8.10
Implied value per ON24 Inc. share by analysis, from Goldman Sachs · DCF discount rate 11%–13%.