Coursera Inc.: Coursera–Udemy merger closes; synergies and execution now key

Research evidence excerpt

Coursera Inc.: Coursera–Udemy merger closes; synergies and execution now key

Accessible version

Coursera Inc.

Coursera–Udemy merger closes; synergies

and execution now key

Reiterate Rating: NEUTRAL | PO: 8.00 USD | Price: 5.72 USD

Coursera completes combination with Udemy 11 May 2026

Coursera today announced the completion of its all‑stock combination with Udemy, Equity

creating a global online learning platform with more than $1.5bn of combined revenue in

Nafeesa Gupta

2025. The combined company operates under the Coursera name and trades on the Research Analyst

NYSE under ticker COUR, while Udemy has been delisted. Udemy shareholders received BofAS +1 415 436 3558

0.80 Coursera shares, resulting in ~59% ownership for Coursera shareholders and 41% nafeesa.gupta@bofa.com

for Udemy shareholders. With regulatory and shareholder approvals complete, investor

focus shifts from deal certainty to execution. Management also reiterated plans for a

sizable share repurchase program, with further details expected near term. Stock Data

Synergies with complementary offerings and geo mix Price 5.72 USD

The combination unites Coursera’s university‑affiliated degrees and professional Price Objective 8.00 USD

certificates with Udemy’s marketplace‑driven professional and enterprise skills content, Date Established 23-Apr-2026

creating a more balanced exposure. Coursera historically skewed toward consumers Investment Opinion C-2-9

(~66%) and the U.S. (~51%), while Udemy adds a heavier enterprise mix via Udemy 52-Week Range 5.00 USD - 13.56 USD

Business (~65% of revenue) and broader international reach (~61% rest‑of‑world). Mrkt Val (mn) / Shares Out 961 USD / 168.0

Mgmt. reaffirmed expectations of $115mn of run‑rate annual cost synergies within 24 (mn)