Udemy (UDMY) M&A Announcement summary

Deal rationale and strategic fit

• The merger combines complementary strengths in consumer and enterprise segments, creating a leading technology platform for skills discovery, development, and mastery, and delivering greater value to millions of learners and thousands of enterprise, university, and government customers worldwide.

• Unites academic rigor, branded credentials, and world-class instructors with a dynamic, AI-powered marketplace and enterprise reach, offering engaging, personalized, and dynamic learning experiences.

• Leverages shared product, data, and technology investments to accelerate AI-native innovation, expand global reach, and deliver verified skills that improve career and business outcomes.

• Both companies share a mission-driven culture focused on transforming lives through learning and empowering the global workforce.

• Enhances the ability to attract and retain both individual and enterprise learners globally through combined go-to-market capabilities and localization initiatives.

Financial terms and conditions

• All-stock transaction: Udemy shareholders receive 0.800 Coursera shares per Udemy share, representing a 26% premium to the 30-day average closing prices.

• Pro-forma ownership: Coursera shareholders will own about 59% and Udemy shareholders about 41% of the combined company on a fully diluted basis.

• Implied combined equity value of approximately $2.5 billion based on closing prices as of December 16, 2025.

• Combined pro forma annual revenue exceeds $1.5 billion, with nearly $1.2 billion in cash as of Q3 2025.

• The combined company will be named Coursera, Inc., headquartered in Mountain View, California, with Greg Hart as CEO and a nine-member board (six from Coursera, three from Udemy), and Andrew Ng as Chairman.

Synergies and expected cost savings

• Anticipated annual run-rate cost synergies of $115 million within 24 months of closing, primarily from operational efficiencies, optimized go-to-market motions, and streamlined G&A expenses.

• Eliminating duplicative technology stacks will accelerate AI-native product innovation.

• Meaningful operating efficiencies are expected to enhance capacity for sustained investments in product-led growth and rapid product development.