M&A · Industrials · Services-Educational Services
Coursera, Inc. to acquire Udemy, Inc.
Announced Dec 18, 2025 · Closed May 11, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Coursera, Inc. (COUR)
- Target
- Udemy, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed May 11, 2026
Deal protections
- Break fee (target pays)
- $40.5M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Qatalyst
- To the target
- Morgan Stanley
- Qatalyst fee
- $42.0M
- Morgan Stanley fee
- $20.0M
Sector context · Industrials
- Comparable deals
- 97 in the prior 24 months
- Premium
- Sector median 38.0%
- EV / Adj. EBITDA
- Sector median 9.8x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedDec 18, 2025
- Proxy filedMar 10, 2026
- Definitive proxyMar 10, 2026
- Shareholder voteApr 9, 2026
- ClosedMay 11, 2026
Valuation · fairness opinions
Discounted cash flowQatalyst$7.77$11.36
Discounted cash flowQatalyst$7.25$12.56
Discounted cash flowQatalyst$9.26$15.52
Future share priceMorgan Stanley$4.50$6.32
Future share priceMorgan Stanley$5.60$7.97
Future share priceMorgan Stanley$6.06$9.01
Discounted cash flowMorgan Stanley$12.82$17.70
Discounted cash flowMorgan Stanley$11.71$17.77
Implied value per Udemy, Inc. share by analysis, from Qatalyst and Morgan Stanley.