The merger closes a long-anticipated deal, removing deal uncertainty. Watch for the upcoming share repurchase details (expected within two weeks) and the first combined quarterly earnings report for integration progress and synergy realization. The authorized share doubling provides flexibility for the repurchase program and future equity issuance.
Price Chart
Executive Summary
Coursera completed its all-stock acquisition of Udemy on May 11, 2026, issuing 0.800 shares of COUR per UDMY share. The combined entity reports over $1.5 billion in pro forma 2025 revenue and targets $115 million in annual cost synergies within 24 months. The company also doubled authorized shares to 600 million and announced a forthcoming share repurchase program.
Key Facts
- Coursera completed the acquisition of Udemy on May 11, 2026, with each Udemy share exchanged for 0.800 shares of Coursera common stock.
- Former Coursera stockholders own approximately 59% and former Udemy stockholders own approximately 41% of the combined company on a fully diluted basis.
- Combined annual revenue was more than $1.5 billion in 2025.
- Anticipated run-rate annual cost synergies of $115 million within 24 months of closing, with a significant majority expected within the first year.
- Authorized shares of common stock were increased from 300 million to 600 million via a charter amendment effective May 11, 2026.
- The company expects to announce details of a share repurchase program within the next two weeks.
- Three Coursera directors (Amanda M. Clark, Susan W. Muigai, Sabrina L. Simmons) resigned; three Udemy directors (Sohaib Abbasi, Marylou Maco, Lydia Paterson) were appointed to the board.
- Udemy's common stock is being delisted from Nasdaq; Coursera continues trading on NYSE under ticker COUR.
Financial Impact
Combined annual revenue >$1.5B; expected cost synergies of $115M annually within 24 months; share repurchase program to be announced.
Risk Factors
- Integration risk: combining two large online learning platforms with distinct cultures and content ecosystems may prove challenging.
- Synergy risk: $115M cost synergy target may be difficult to achieve within 24 months, especially if revenue growth slows.
- Dilution risk: authorized share count doubled to 600M, and the all-stock deal issued significant new shares to Udemy stockholders.
- Pending shareholder lawsuits related to the merger, though management believes they are without merit.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-020399 |
| Document: ef20072971_ex99-1.htm | 0001140361-26-020399 |
| Document: ef20072971_ex3-1.htm | 0001140361-26-020399 |
| Document: 0001140361-26-020399-index-headers.html | 0001140361-26-020399 |
| Document: 0001140361-26-020399-index.html | 0001140361-26-020399 |
| Document: 0001140361-26-020399.txt | 0001140361-26-020399 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 9, 2026 7w ago | Institutional Cluster | $5.76 $5.57 | ▼ −3.30% | ▼ −2.38% | $5.02 (−12.85%) |
Jun 11, 2026 16w ago | Institutional Cluster | $5.33 $5.67 | ▲ +6.38% | ▲ +4.49% | $5.02 (−5.82%) |
Jun 1, 2026 17w ago | Insider Cluster | $5.54 $5.98 | ▲ +7.94% | ▲ +9.51% | $5.02 (−9.39%) |
May 21, 2026 19w ago | Insider Cluster | $5.24 $5.33 | ▲ +1.62% | ▲ +1.29% | $5.02 (−4.20%) |
May 18, 2026 19w ago | 8-K | $5.73 $5.33 | ▼ −6.98% | ▼ −8.56% | $5.02 (−12.39%) |
May 12, 2026 20w ago | 3 | $5.31 $5.33 | ▲ +0.38% | ▲ +0.99% | $5.02 (−5.46%) |
May 11, 2026 20w ago | 8-K | $5.66 $5.34 | ▼ −5.65% | ▼ −5.35% | $5.02 (−11.31%) |
Apr 23, 2026 23w ago | 8-K | $5.28 $5.24 | ▼ −0.76% | ▼ −4.78% | $5.02 (−4.92%) |
Mar 11, 2026 29w ago | EFFECT | $6.08 $5.60 | ▼ −7.89% | ▼ −8.42% | $5.02 (−17.43%) |
Feb 28, 2026 30w ago | Institutional Cluster | $6.40 $5.73 | ▼ −10.47% | ▼ −2.53% | $5.02 (−21.56%) |
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