Coursera to Combine with Udemy to Empower the Global Workforce with Skills for the AI Era

Coursera and Udemy have announced a definitive agreement to merge, creating a powerhouse in online learning focused on equipping individuals and organizations with the skills needed for the age of artificial intelligence. The all-stock transaction, based on the closing stock prices from December 16, 2025, values the combined entity at approximately $2.5 billion.

According to Coursera CEO Greg Hart, this merger comes at a crucial time, as AI is rapidly changing the skills required for nearly every job. He believes that combining Coursera's and Udemy's strengths will create a platform agile enough to meet the evolving needs of learners and customers worldwide. The goal is to accelerate innovation and deliver better outcomes for everyone involved.

Udemy CEO Hugo Sarrazin echoed this sentiment, emphasizing Udemy's 15-year history of helping people master in-demand skills. Sarrazin anticipates that uniting with Coursera will provide significant benefits to learners, enterprise clients, and instructors, while also generating substantial value for shareholders through the combined company's growth potential. The merger is expected to accelerate their AI-driven product development, expand their global reach, and unlock revenue and operational efficiencies.

The merger aims to deliver several strategic and financial benefits:

• Increased Value and Choice:** By combining the consumer and enterprise strengths of both platforms, the merger looks to provide greater value to learners and organizations in workforce training and career advancement.
• Leading Platform Capabilities:** A comprehensive ecosystem of instructors, including university faculty, industry leaders, and subject matter experts, will be established and equipped with AI-enhanced tools and data insights.
• Accelerated AI Innovation:** Shared investments in product, data, and technology should accelerate the delivery of verified skills that improve career and business results.
• Enhanced Global Reach:** The combined entity expects to expand access to affordable, high-quality education by attracting and serving individuals and enterprises globally.
• Stronger Financial Profile:** The merger anticipates approximately $115 million in annual run-rate cost synergies within two years of closing, freeing up capital for further investment.

Under the agreement, Udemy stockholders will receive 0.800 shares of Coursera stock for each Udemy share they own, representing a 26% premium based on the average closing prices of both companies' stock over the 30 trading days leading up to the announcement. Upon completion, Coursera stockholders are expected to own about 59% of the combined company, while Udemy stockholders will own approximately 41%, on a fully diluted basis. Coursera also plans to implement a share repurchase program after the transaction closes.

The Boards of Directors of both Coursera and Udemy have unanimously approved the deal, which is expected to close in the second half of 2026. The closing is contingent upon regulatory approvals, shareholder approval from both companies, and other standard closing conditions. Key shareholders, including Insight Venture Partners, New Enterprise Associates, and Coursera Chairman Andrew Ng, have agreed to support the transaction.

Following the merger, Greg Hart will continue to serve as CEO of the combined company. The Board of Directors will consist of nine members, with six from Coursera's current board (including Hart and Ng, who will remain Chairman) and three from Udemy's board. The combined company will operate under the Coursera name, trade on the NYSE under the COUR ticker symbol, and maintain its headquarters in Mountain View, California. Once the transaction is complete, Udemy's stock will be delisted from the NASDAQ.

Coursera will also maintain its status as a Public Benefit Corporation (PBC).

Qatalyst Partners LP is acting as Coursera's financial advisor, while Morgan Stanley & Co. LLC is advising Udemy. Legal counsel for Coursera is being provided by Wachtell, Lipton, Rosen & Katz, with Wilson Sonsini Goodrich & Rosati PC serving as legal counsel for Udemy.

Coursera and Udemy held a joint conference call on December 17, 2025, to discuss the merger. A replay of the webcast is available on Coursera's investor relations website until the deal closes.