What Happened?
Shares of online learning platform Udemy (NASDAQ: UDMY) jumped 3.3% in the afternoon session after the Competition Commission of India (CCI) approved the company's proposed merger with a unit of Coursera.
This regulatory clearance was a key step for the all-stock transaction, which was first announced in December 2025. Following the merger's completion, Udemy was set to operate as a wholly-owned subsidiary of Coursera. The agreement detailed that existing Coursera shareholders were expected to own about 59% of the combined company, with Udemy stockholders owning the remaining 41%. The implied equity value of the merged entity was estimated to be approximately $2.5 billion. In other positive news, Udemy also announced its vision for a next-generation agentic AI solution called 'Altus,' designed to help organizations identify and build critical skills.
The shares closed the day at $4.64, up 3.4% from previous close.
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What Is The Market Telling Us
Udemy’s shares are very volatile and have had 26 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 3 months ago when the stock gained 22% on the news that its rival in the education technology space, Coursera, announced plans to acquire the online learning platform in an all-stock deal.
Under the terms of the merger agreement, Udemy stockholders were set to receive 0.800 shares of Coursera common stock for each share of Udemy they owned. This exchange ratio represented a 26% premium based on the average closing prices of both companies over the 30 trading days before the announcement. The transaction valued the combined company at approximately $2.5 billion.
Following the merger, Udemy was to become a wholly owned subsidiary of Coursera. The companies expected the combination to create a comprehensive education technology platform with annual revenue exceeding $1.5 billion and achieve about $115 million in annual cost savings within two years of closing.
Udemy is down 16.6% since the beginning of the year, and at $4.64 per share, it is trading 46.6% below its 52-week high of $8.70 from March 2025. Investors who bought $1,000 worth of Udemy’s shares at the IPO in October 2021 would now be looking at an investment worth $168.87.
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