Coursera and Udemy agree to combine in all-stock merger

Coursera and Udemy, two US-listed online learning companies, announced on December 17, 2025 that they had signed a definitive agreement to merge in an all-stock transaction. Based on closing share prices the previous day, the deal implied a combined equity value of about $2.5 billion.

Udemy shareholders are to receive 0.800 Coursera shares for each Udemy share, which the companies described as a 26 percent premium to the average closing prices over the prior 30 trading days. After completion, existing Coursera shareholders would own roughly 59 percent of the combined company and Udemy shareholders about 41 percent. The companies expect annual run-rate cost savings of $115 million within 24 months and pro forma annual revenue above $1.5 billion. Closing is anticipated in the second half of 2026, pending regulatory approvals and votes by both sets of shareholders.

The combined company will be based in Mountain View, California, with a nine-member board made up of six directors from Coursera and three from Udemy. Coursera reported 191 million registered learners as of September 30, 2025.