Coursera to combine with Udemy in $2.5bn all-stock deal to create global learning giant

Coursera has agreed to combine with rival Udemy in an all-stock transaction that would create one of the world’s largest online learning platforms, as enterprises and individuals scramble to keep pace with skills disrupted by artificial intelligence.

The deal, announced on 17 December, values the combined company at approximately $2.5 billion based on the closing prices of both firms’ shares a day earlier. Coursera, which is listed on the New York Stock Exchange, will absorb Nasdaq-listed Udemy, with the merged entity retaining the Coursera name and ticker.

Under the terms of the agreement, Udemy shareholders will receive 0.800 shares of Coursera common stock for each Udemy share, a premium of about 26% to the companies’ average share prices over the previous 30 trading days. Once the transaction closes, Coursera shareholders are expected to own roughly 59% of the combined company, with Udemy shareholders holding about 41% on a fully diluted basis.

In a LinkedIn post announcing the deal, Coursera chief executive Greg Hart described the transaction as “a pivotal moment” not just for the two companies, but for how skills are “discovered, developed, and mastered at scale” across organisations and individuals globally.

“As AI rapidly redefines the skills required for every job across every industry,” Hart wrote, “organisations and individuals need a platform that can evolve as quickly as the new and emerging skills they must master.”

The merger brings together two distinct but complementary models within online learning. Coursera has built its scale through partnerships with universities and industry bodies, offering degrees, professional certificates and structured credentials. Udemy, by contrast, operates a large marketplace of instructor-led courses, with strong traction in enterprise learning through its Udemy Business platform.

Together, the companies said, the combined group will generate more than $1.5 billion in pro forma annual revenue and target annual run-rate cost synergies of $115 million within 24 months of closing. Coursera also said it expects to initiate a sizeable share repurchase programme following completion of the transaction.

Hugo Sarrazin, chief executive of Udemy, said the combination would allow the two businesses to accelerate their AI-powered product roadmaps and expand global reach, while delivering operating efficiencies and long-term value for shareholders.

“By uniting our platforms, we can scale skills development more effectively and strengthen our financial profile,” Sarrazin said in the announcement.

The boards of both companies have unanimously approved the transaction. It is expected to close in the second half of 2026, subject to regulatory approvals, shareholder consent and other customary closing conditions.

Leadership continuity is built into the deal. Hart will remain chief executive of the combined company, while Coursera co-founder Andrew Ng will continue as chairman. The new board will comprise nine directors, six from Coursera and three from Udemy. Coursera will remain headquartered in Mountain View, California, and will retain its status as a public benefit corporation.

While executives emphasised innovation and scale, the timing of the merger underscores growing pressure within the online learning sector to consolidate and deepen enterprise relevance as AI accelerates skills obsolescence. The combined company is positioning itself as a platform capable of supporting continuous reskilling — from discovery to mastery — as technology cycles shorten and workforce expectations shift.

As Hart noted in his post, the deal may mark a milestone, but it is “not the end of the work ahead”. Whether scale and integration translate into tangible learning outcomes for employers and learners will be the real test once the merger is complete.