Coursera To Combine With Udemy In $2.5 Billion All-Stock Deal

As artificial intelligence compresses skill cycles and forces workers to reskill faster than ever, Coursera on Dec. 17, has said it will combine with rival Udemy in an all-stock transaction, creating one of the world’s largest digital learning companies. The deal values the combined company at an implied equity value of about $2.5 billion, based on the closing prices of both stocks on Dec. 16.

The merged entity is expected to generate more than $1.5 billion in pro forma annual revenue, Coursera said in a statement. Pro forma revenue refers to a projected or estimated revenue figure on a future-looking financial statement that shows what earnings could look like.

Under the terms of the agreement, Udemy shareholders will receive 0.80 shares of Coursera common stock for each Udemy share, representing a 26% premium to the companies’ average closing prices prior to the announcement.

Following the transaction, Coursera shareholders are expected to own approximately 59% of the combined company, with Udemy shareholders holding the remaining 41% on a fully diluted basis.

Coursera said the merger will combine its university-led degree programmes and professional certificates with Udemy’s instructor-led, AI-powered skills marketplace. The company expects the combination to strengthen its capacity to invest in AI-driven learning tools and enterprise offerings.

The transaction has been unanimously approved by the boards of both companies and is expected to close in the second half of 2026, subject to regulatory approvals and shareholder consent.

Post-merger, Coursera chief executive Greg Hart will continue as CEO of the combined company, while Andrew Ng will remain chairman of the board. The board will comprise nine directors, six from Coursera and three from Udemy.

The combined company will operate under the Coursera name, retain its Public Benefit Corporation status, and trade on the NYSE under the ticker COUR. Udemy’s shares will be delisted from Nasdaq after completion of the transaction.

According to the official statement, Coursera said it also plans to execute a share repurchase programme following the closing of the deal.