---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-045860"
form_type: "8-K"
ticker: "COUR"
cik: "0001651562"
company_name: "Coursera, Inc."
filed_at: "2025-12-17T23:59:59+00:00"
generated_at: "2026-05-16T12:55:33.190423+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Coursera to acquire Udemy in all-stock merger; exchange ratio of 0.800

## Summary
- Udemy shareholders receive 0.800 shares of Coursera common stock per share; fractional shares paid in cash.
- Transaction requires stockholder approval from both companies; Coursera to amend charter to increase authorized shares.
- Termination fee of $40.5M payable by breaching party; $8.0M expense reimbursement if stockholder approvals not obtained.
- Voting agreements: Insight Venture Partners (~26% of Udemy) and NEA/Andrew Ng (~12% of Coursera) commit to vote for deal.
- Post-closing board of 9 directors (6 from Coursera, 3 from Udemy); Coursera CEO remains.

## SEC filing metadata
- accession: 0001140361-25-045860
- form_type: 8-K
- ticker: COUR
- cik: 0001651562
- company_name: Coursera, Inc.
- filed_at: 2025-12-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1651562/000114036125045860/0001140361-25-045860-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1651562/000114036125045860/ef20061445_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-045860
- JSON: https://secwatch.observer/filing/0001140361-25-045860.json
- Plain text: https://secwatch.observer/filing/0001140361-25-045860.txt

## Key facts
- Material Agreements
  Coursera, Inc. entered into Agreement and Plan of Merger with Udemy, Inc. valued at each share of Udemy common stock converted into 0.800 shares of Coursera common stock (effective 2025-12-17).
  - Action: entry
  - Agreement: merger
  - Counterparty: Udemy, Inc.
  - Value: each share of Udemy common stock converted into 0.800 shares of Coursera common stock
  - Effective: 2025-12-17
  source text: On December 17 , 2025, Coursera, Inc. (the “ Company ” or “ Coursera ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Udemy, Inc. (“ Udemy ”) and Chess Merger Sub, Inc., a direct wholly owned subsidiary of Coursera (“ Merger Sub ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1651562/000114036125045860/0001140361-25-045860-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.