Coursera to acquire Udemy in all-stock deal; implied equity value ~$2.5B

Coursera, Inc.

Udemy shareholders receive 0.800 shares of Coursera per share; 26% premium to 30-day average.
Pro forma annual revenue >$1.5B; expected annual run-rate cost synergies of $115M within 24 months of close.
Transaction expected to close by H2 2026; subject to regulatory and shareholder approvals.
Greg Hart to remain CEO of combined company; board to have 6 Coursera and 3 Udemy directors.
Combined company to operate as Coursera (NYSE: COUR); Udemy to delist; Coursera's PBC status unchanged.

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