Transaction Overview - Each Udemy share will be exchanged for 0.800 Coursera shares[10] - Pro-forma ownership: Approximately 59% Coursera shareholders / 41% Udemy shareholders[10] - The transaction is expected to close by the second half of 2026[10] Strategic Rationale - The combination aims to deliver greater value to millions of learners and thousands of enterprise, university, and government customers[12, 31] - The merger brings together a comprehensive ecosystem of world-class instructors, industry leaders, and global subject matter experts[12, 32] - The combined company anticipates annual run-rate cost synergies of $115 million within 24 months of closing[15, 35] Financial Profile - Combined revenue over the last twelve months is $1.536 billion[27, 28] - Combined non-GAAP gross profit is $935 million with a margin of 61%[27] - Combined adjusted EBITDA is $155 million with a margin of 10%[27]