Coursera–Udemy merger docs: $1.9B cash rejected, stake drops from 46% to 29% in 18 months
The Coursera-Udemy merger announcement in December 2025 looked straightforward: two struggling edtech platforms joining forces. The 300+ pages of regulatory documents tell a very different story. What the documents reveal: The Timeline Nobody Saw Coming September 2023: It starts quietly. Coursera and Udemy sign a confidentiality agreement to explore a “commercial partnership”—not a merger, just…