CCI Approves Coursera-Udemy Merger

The Competition Commission of India (CCI) has approved the proposed merger of Chess Merger Sub, a wholly owned subsidiary of Coursera Inc., with and into Udemy Inc. 

The proposed combination involves the merger of Udemy Inc. with Chess Merger Sub, a newly incorporated, wholly owned subsidiary of Coursera Inc. Upon completion: 

• Chess Merger Sub will merge into Udemy.
• Udemy will survive the merger as a wholly owned subsidiary of Coursera.
• Coursera will acquire sole control over Udemy. 

Shareholding Post-Merger 

Following the completion of the transaction: 

• Existing Coursera stockholders are expected to hold approximately 59% of the combined entity.
• Existing Udemy stockholders are expected to hold approximately 41%, on a fully diluted basis. 

Entities Involved 

Coursera Inc. 

• A Delaware-incorporated, publicly listed global education technology company.
• Operates an online learning platform.
• Its operations in India are primarily conducted through cross-border digital delivery, including via its subsidiary, Coursera India Private Limited. 

Chess Merger Sub 

• A Delaware-incorporated, wholly owned subsidiary of Coursera Inc.
• Formed specifically to facilitate the proposed merger. 

Udemy Inc. 

• A Delaware-incorporated company operating a global online learning and teaching marketplace.
• Provides services entirely through digital platforms.
• Does not rely on physical or offline infrastructure, with operations international in scope.