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Coursera (COUR) investor relations material
Coursera M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary17 Dec, 2025
Deal rationale and strategic fit
Combines highly complementary strengths in consumer and enterprise segments to address evolving global workforce and talent transformation needs, delivering greater value to millions of learners and thousands of enterprise, university, and government customers.
Merges academic rigor, branded credentials, and a dynamic, AI-powered skills marketplace, leveraging world-class instructors, industry leaders, and subject matter experts for engaging, personalized learning.
Accelerates AI-native innovation by leveraging shared product, data, and technology investments, aiming to deliver verified skills that improve career and business outcomes.
Expands global reach and market opportunities through enhanced go-to-market capabilities and localization initiatives.
Strengthens the ability to attract and retain both individual and enterprise learners worldwide.
Financial terms and conditions
All-stock transaction: Udemy shareholders receive 0.8 shares of Coursera for each Udemy share, representing a 26% premium to the 30-day average closing prices.
Pro-forma ownership: Coursera shareholders will own about 59% and Udemy shareholders about 41% of the combined company on a fully diluted basis.
Implied equity value of the combined company is approximately $2.5 billion based on closing prices as of December 16, 2025.
Combined pro forma annual revenue exceeds $1.5 billion, with nearly $1.2 billion in cash as of Q3 2025.
The combined company generated over $150 million in adjusted EBITDA and a 10% margin before synergies.
Synergies and expected cost savings
Identified $115 million in annualized run-rate cost synergies, expected to be fully realized within 24 months of closing, primarily from operational streamlining, optimized go-to-market strategies, and reduced G&A expenses.
Efficiencies will enhance capacity for sustained investment in AI-driven innovation and product-led growth.
Eliminating duplicative technology stacks will accelerate AI-native product innovation.
Detail the sources of anticipated cost synergies
How will the distinct marketplace models integrate
What is the plan for the combined cash balance?
Details on planned share repurchase program
Udemy integration into Coursera's PBC status
Combined AI product roadmap priorities
How will combined consumer offerings be packaged?
How will content curation evolve post-merger?
What are the key drivers for revenue synergies?
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Q4 202530 Jan, 2026
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Frequently asked questions
Coursera Inc., is an education technology company that partners with top universities and organizations in order to offer courses online for anyone to take, for free. Coursera's technology platform enables many thousands of courses from top universities, companies and organizations to be offered online and on-demand, exams and certificates are available from leading academic institutions including Stanford University, Princeton University, The University of Michigan, Peking University and others.
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