Global e-learning platforms Coursera Inc. and Udemy Inc. have entered into a definitive merger agreement in an all-stock transaction valued at approximately $2.5 billion, marking one of the most significant consolidations in the online education industry.
The deal, announced on Thursday, is based on the closing prices of both companies’ shares on December 16, 2025, and has received unanimous approval from the boards of directors of both Coursera and Udemy.
Under the terms of the agreement, Udemy shareholders will receive 0.800 shares of Coursera common stock for each Udemy share held. The exchange ratio represents a 26 percent premium to the average closing prices of both companies over the 30 trading days preceding the announcement.
In a joint statement, the companies said the merger brings together highly complementary strengths across consumer and enterprise learning, workforce training, and career development. The combined platform is expected to serve millions of learners and thousands of enterprise, university, and government customers worldwide.
Coursera Chief Executive Officer Greg Hart described the transaction as timely, noting the rapid transformation of job requirements driven by artificial intelligence.
“We’re at a pivotal moment in which AI is redefining the skills required for every job across every industry,” Hart said. “Organizations and individuals need a learning platform that is as agile as the skills they must master.”
Udemy Chief Executive Officer Hugo Sarrazin added that the unified platform would accelerate AI-powered product development, expand global reach, and unlock long-term revenue and operating synergies.
Both companies said the merger would deepen their combined investments in product development, data, and technology, enabling the delivery of verified, end-to-end skills pathways from discovery to mastery.
Financial impact and synergies
Coursera and Udemy expect the combined company to generate significant operating efficiencies, including anticipated annual run-rate cost synergies of approximately $115 million within 24 months of closing.
The stronger financial profile is expected to support sustained investment in AI-driven innovation and growth initiatives. Coursera also disclosed plans to execute a sizable share repurchase programme following the completion of the transaction.
Governance and structure
Following the merger, Greg Hart will continue as Chief Executive Officer, while Coursera co-founder Andrew Ng will remain Chairman of the Board. The board will comprise nine directors, with six from Coursera and three from Udemy.
The combined company will operate under the Coursera name, trade under the ticker symbol COUR on the New York Stock Exchange, and be headquartered in Mountain View, California. Udemy’s shares will be delisted from NASDAQ upon completion of the transaction, while Coursera’s status as a Public Benefit Corporation will remain unchanged.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals, shareholder approvals from both companies, and other customary closing conditions.
