On April 9, shareholders of both Coursera and Udemy voted to approve the merger. The votes weren’t close.
At Coursera, 99.4% of votes were in favor of issuing new shares to complete the acquisition. At Udemy, 99.9% voted to adopt the merger agreement. Out of more than 228 million shares that voted across both companies, fewer than 500,000 voted against.
Coursera shareholders also approved doubling the company’s authorized shares from 300 million to 600 million, which is needed to issue the stock that Udemy shareholders will receive.
The deal, first announced in December 2025, is an all-stock transaction. Each Udemy share converts to 0.8 shares of Coursera. At the time of the announcement, that implied a combined company worth $2.5 billion. That number has since dropped to roughly $1.7 billion.
As I wrote in my analysis of the merger prospectus, this deal was two years in the making. Coursera approached Udemy three times before getting a yes. A private equity firm offered Udemy $13.50 per share in cash. Someone else tried to buy Coursera for $1.8 billion. Both offers were rejected. Every time the two companies came back to the table, the deal got worse.
The FTC cleared the merger’s antitrust review back in February. With the shareholder vote done, the remaining closing conditions are largely procedural. The deal is expected to close in the second half of 2026.
Once it does, Udemy will become a wholly owned subsidiary of Coursera. Its NASDAQ listing will cease to exist. Coursera’s CEO Greg Hart will lead the combined company. Andrew Ng will remain chairman. Udemy gets three of nine board seats.
Together, the two companies generated $1.55 billion in revenue in 2025. They have over $1 billion in cash. But the market values them at barely more than 1x revenue.
The shareholder vote was the last major internal hurdle. The merger is now all but done.
The post Coursera and Udemy Shareholders Approve Merger With 99% of Votes appeared first on The Report by Class Central.
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