Coursera completes acquisition of Udemy; combined revenue >$1.5B, $115M cost synergies targeted

Coursera, Inc.

• Each Udemy share exchanged for 0.800 Coursera shares; Coursera stockholders own ~59%, Udemy ~41% on fully diluted basis.
• Combined 2025 revenue exceeds $1.5B; expects run-rate cost synergies of $115M within 24 months, majority in first year.
• Plans to announce share repurchase program within two weeks; Coursera continues on NYSE under 'COUR', Udemy delisted.
• Board expanded to nine directors; three new directors from Udemy (Abbasi, Maco, Paterson); three Coursera directors resigned.
• Charter amendment increased authorized shares from 300M to 600M to facilitate merger consideration.

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