Hims & Hers Health → Eucalyptus
completedUS telehealth company Hims & Hers agreed to buy Australian digital health company Eucalyptus for up to US$1.15bn (~A$1.7bn), completing the deal in June 2026.
Hims & Hers wanted Eucalyptus's platform and patient base to expand beyond the US into Australia, Canada, Germany, Japan, and the UK in one move, rather than building international operations from scratch.
Eucalyptus's founders and investors got an exit at a price that made it, by some measures, the largest acquisition of an Australian preventative healthcare company to date, plus the resources of a much larger global platform to keep growing under.
Hims & Hers (NYSE: HIMS) shares rose as much as 7.8% the morning the deal was announced. Eucalyptus is privately held, so it has no public share price.
Read as accelerating Hims & Hers' international expansion in one move rather than building country-by-country; some coverage flagged shareholder-dilution risk from the earn-out and stock-settlement structure.
Deal mechanics
Not publicly disclosed
Not publicly disclosed
Roughly US$240m cash at closing, plus ~US$710m deferred over six quarterly instalments through the 18-month anniversary, plus up to US$200m in earn-outs tied to FY26-28 revenue and EBITDA targets. Hims & Hers can settle about 60% of the deferred/earn-out consideration in cash or its own stock.
Not publicly disclosed
Not publicly disclosed; a cross-border deal for an Australian target would typically require FIRB approval
Existing cash and operating cash flow, plus a $350m 0%-coupon convertible senior notes offering (upsized from $300m) priced to help fund the deal
Company context: Eucalyptus (the seller/target)
Founded in 2019 by Tim Doyle, Charlie Gearside, Benny Kleist, and Alexey Mitko
Raised roughly $103M total from investors including Blackbird Ventures, BOND, Woolworths' W23 venture arm, and OneVentures before this exit