Coursera Completes Udemy Merger, Issues 0.8 Shares per Udemy Share

*TL;DR Coursera closed its merger with Udemy on May 11, 2026, exchanging each Udemy share for 0.800 Coursera shares, valued using a $4.78 average price.

Context The merger, first announced in a December 2025 agreement, makes Udemy a wholly owned subsidiary of Coursera. Both companies are Delaware‑incorporated public benefit corporations, listed on the New York Stock Exchange under the ticker COUR.

Key Facts - Effective May 11, each Udemy share converted into the right to receive 0.800 Coursera shares. Fractional shares were paid in cash. - The conversion price relied on Coursera’s average closing price of $4.78 over the five trading days preceding the deal’s close. - Multiplying the $4.78 reference price by the 0.8 exchange ratio yields a merger consideration value of $3.824 per Udemy share. - All outstanding Udemy stock options and stock appreciation rights were recalculated using the same reference price; options with exercise prices at or above $3.824 were cancelled. - The transaction was executed through Coursera’s Merger Sub, which merged into Udemy, leaving Udemy as the surviving entity under Coursera’s ownership.

What It Means Shareholders receive a blend of equity and cash, aligning Udemy’s valuation with Coursera’s recent market performance. The $3.824 per‑share effective price reflects Coursera’s modest share price, suggesting a conservative valuation rather than a premium. The structure also simplifies integration: Udemy’s existing equity awards convert into Coursera stock, preserving employee incentives while eliminating duplicate capital structures.

Investors will watch Coursera’s post‑merger earnings for signs of synergies, such as combined course catalogs and shared technology platforms. The next quarterly report will reveal whether the combined entity can leverage scale to improve margins and growth rates.