Coursera and Udemy said they have signed a definitive merger agreement that will combine the two online learning platforms in an all stock transaction aimed at building a larger skills and workforce development business as demand rises for AI related training.
The companies said the deal implies an equity value of about $2.5 billion based on the closing prices of Coursera and Udemy shares on December 16, 2025. The combination is expected to create a platform with pro forma annual revenue of more than $1.5 billion and deliver anticipated annual run rate cost synergies of $115 million within 24 months after closing.
Under the agreement, Udemy stockholders will receive 0.800 shares of Coursera common stock for each Udemy share. Coursera said the exchange ratio represents a 26% premium to the average closing prices of the two stocks over the 30 trading days prior to the announcement. On a fully diluted basis, Coursera stockholders are expected to own about 59% of the combined company and Udemy stockholders about 41%. Coursera also said it expects the combined company to execute a sizable share repurchase program after the transaction closes.
The companies positioned the merger as a way to bring together Udemy’s marketplace model and AI-powered skills development with Coursera’s network of university and industry partners, with a goal of expanding course choice and improving skills discovery, training, and credentialing for both consumers and enterprises. They said the combined organization will serve millions of learners alongside thousands of enterprise, university, and government customers, while offering instructors broader distribution and access to AI-enhanced tools and data insights intended to support more personalized learning experiences.
Both boards unanimously approved the transaction. The companies expect the deal to close in the second half of 2026, subject to regulatory clearances, shareholder approvals for both companies, and other customary closing conditions. They also said key shareholders have agreed to support the transaction, including Insight Venture Partners and New Enterprise Associates, as well as Coursera board chair Andrew Ng.
After closing, Coursera CEO Greg Hart will remain chief executive of the combined company. The combined board will have nine directors, including six from Coursera’s board and three from Udemy’s board, and Andrew Ng will continue as chair. The company will operate under the Coursera name, trade under the ticker symbol COUR on the NYSE, and be headquartered in Mountain View, California. Udemy shares will no longer be listed on NASDAQ once the merger is completed. Coursera added that its status as a Public Benefit Corporation will remain unchanged.
Support: Advisors on the deal include Qatalyst Partners as financial advisor to Coursera and Morgan Stanley as financial advisor to Udemy. Coursera’s legal counsel is Wachtell, Lipton, Rosen & Katz, with Cleary Gottlieb Steen & Hamilton serving as regulatory counsel, and FGS Global serving as strategic communications advisor. Udemy’s legal counsel is Wilson Sonsini Goodrich & Rosati, with Joele Frank, Wilkinson Brimmer Katcher and Sharon Merrill Advisors serving as strategic communications advisors.
KEY QUOTES:
“We’re at a pivotal moment in which AI is rapidly redefining the skills required for every job across every industry. Organizations and individuals around the world need a platform that is as agile as the new and emerging skills learners must master,” said Greg Hart, CEO of Coursera. “By combining the highly complementary strengths of Coursera and Udemy, we will be in an even stronger position to address the global talent transformation opportunity, unlock a faster pace of innovation, and deliver valuable experiences and outcomes for our learners and customers. Together, we will ensure our millions of learners, thousands of enterprise, university, and government customers, and expert instructors have a platform to keep pace with technology acceleration.”
Greg Hart, Chief Executive Officer, Coursera
“For more than 15 years, Udemy has helped millions of people master in-demand skills at the speed of innovation,” said Hugo Sarrazin, CEO of Udemy. “Through this combination with Coursera, we will create meaningful benefits for our learners, enterprise customers, and instructors, while delivering significant value to our shareholders, who will participate in the substantial upside potential of the combined company. As a united platform, we can accelerate our AI-powered product roadmap, expand our global reach through enhanced go-to-market capabilities, and unlock substantial revenue and operating synergies that will strengthen our long-term financial profile.”
Hugo Sarrazin, Chief Executive Officer, Udemy
