Coursera’s (NYSE: COUR) proposed all-stock acquisition of Udemy (UDMY) has laid the groundwork for one of the largest consolidations the ed-tech sector has seen in years.
The deal, valued at about $2.5 billion, will combine two of the most recognizable US-based online learning platforms at a time when the industry is shifting toward AI-driven workforce training.
Udemy stock opened nearly 30% higher on the COUR news today – but is reversing some of those gains at writing as investors weigh the likelihood of prolonged regulatory review.
The price action reflects a clear stance: the merger, they believe, is attractive on paper, but far from guaranteed a smooth antitrust approval.
Why Coursera-Udemy deal may not sit well with regulators
Securing regulatory approval for the Udemy deal is unlikely to be a “breeze” for Coursera because they are two of the largest US-based MOOC and workforce-training platforms.
Over the past two years, both have aggressively repositioned themselves toward enterprise clients seeking artificial intelligence skills development.
This is no longer a niche segment – it has become a strategically important market for governments and regulators who view artificial intelligence literacy as a national competitiveness issue.
A transaction that consolidates two major players in this space could raise concerns about pricing power, access to training content, and the ability of smaller platforms to compete.
What else could delay Coursera-Udemy deal approval?
One of the most sensitive aspects of the Coursera-Udemy deal is how the combined company will manage the vast amount of data generated from enterprise learners.
Both platforms rely on AI-driven personalization to tailor course recommendations, assessments, and skill-development pathways.
Therefore, regulators will likely probe whether the merged entity will gain disproportionate control over valuable workforce-training data.
Concerns may also extend to how algorithms are trained, how learner information is stored, and whether smaller competitors will be disadvantaged by limited access to comparable datasets.
Because the deal sits at the intersection of AI, data privacy, and labour‑market development, this issue alone could slow approval or trigger demands for strict behavioural commitments.
Antitrust authorities no longer favour tech consolidation
The regulatory environment in 2025-26 is markedly more skeptical of tech consolidation than in previous cycles.
Both US and EU authorities have signalled a willingness to challenge mergers that fall into gray areas, even when they do not present obvious antitrust violations.
Data privacy, AI‑training models, and cross‑border information flows are now central to regulatory reviews, and the Coursera-Udemy deal intersects with all three.
Therefore, the US antitrust authorities may demand detailed commitments around data handling, algorithmic transparency, and instructor-platform relationships.
All in all, even if the deal ultimately clears, it’s unlikely to do so quickly or without concessions.
The current political climate simply doesn’t favour fast approval for large tech-adjacent mergers, and this deal won’t be an exception.
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