Coursera, Udemy announce $2.5bn merger agreement

Group 1: Merger Agreement - Coursera and Udemy have agreed to merge in an all-stock transaction, with an implied equity value of approximately $2.5 billion for the combined company [1] - Udemy shareholders will receive 0.8 shares of Coursera common stock for each Udemy share held [1] Group 2: Ownership Structure - Upon completion of the merger, Coursera shareholders are expected to own about 59% and Udemy shareholders approximately 41% of the new entity on a fully diluted basis [2] - The combined company will operate under the Coursera name and maintain its headquarters in Mountain View, California [2] Group 3: Company Profiles - Coursera, founded in 2012, has 191 million registered users as of September 30, 2025, and collaborates with over 375 universities and industry partners [2][3] - Udemy provides on-demand, multi-language courses to help develop technical, business, and soft skills, utilizing AI for personalized learning experiences [4] Group 4: Leadership and Governance - Greg Hart, currently CEO of Coursera, will lead the enlarged organization as CEO after the merger, with a board consisting of nine members [4] Group 5: Strategic Vision - The merger is positioned as a response to the rapid evolution of skills required across industries due to AI, aiming to create a comprehensive ecosystem for learners [5] - The combination is expected to enhance personalized and dynamic learning experiences through AI tools and data-driven insights [5] Group 6: Operational Efficiencies - Projected operational efficiencies include anticipated annual run-rate cost synergies of $115 million within two years after closing [6]