Coursera to acquire Udemy in $2.5 billion all-stock deal

Coursera Inc. (NYSE: COUR) and Udemy Inc. (NASDAQ: UDMY) announced a definitive merger agreement under which Coursera will acquire Udemy in an all-stock transaction valued at approximately $2.5 billion based on closing prices from December 16, 2025.

Under the agreement, Udemy stockholders will receive 0.800 shares of Coursera common stock for each Udemy share, representing a 26% premium to the average closing prices over the 30 trading days prior to the announcement. Upon closing, existing Coursera stockholders will own approximately 59% of the combined company, while Udemy stockholders will own approximately 41% on a fully diluted basis.

The transaction has received unanimous approval from both companies' boards of directors. Coursera expects the combination to generate annual run-rate cost synergies of $115 million within 24 months of closing and pro forma annual revenue exceeding $1.5 billion.

Greg Hart will continue as CEO of the combined company, which will operate under the Coursera name and trade on the New York Stock Exchange under the ticker COUR. The board will consist of nine directors, with six from Coursera and three from Udemy. Andrew Ng will remain chairman of the board.

Key shareholders including Insight Venture Partners and New Enterprise Associates have entered into support agreements to vote in favor of the transaction. The deal is expected to close in the second half of 2026, subject to regulatory approvals, shareholder approval, and other customary closing conditions.

The combined company will be headquartered in Mountain View, California, and Coursera will maintain its status as a Public Benefit Corporation. Upon completion, Udemy's common stock will no longer be listed on NASDAQ.

According to the press release, Coursera serves 191 million registered learners as of September 30, 2025, while Udemy provides skills training to thousands of companies globally through its enterprise solutions.

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