Hims & Hers Snaps Up Eucalyptus in $1.15B Australian Telehealth Mega-Deal

Hims & Hers Health (HIMS) has agreed to buy Australian digital health firm Eucalyptus for up to $1.15 billion. The deal, announced in February 2025, marks one of the largest acquisitions in Australia's telehealth sector. Eucalyptus, a fast-growing provider with over 775,000 customers, will join HIMS once regulatory approvals are secured by mid-2026.

Eucalyptus was founded in 2019 and quickly became a leader in Australia's digital health market. By 2024, it held a 25-30% share of telehealth services, outpacing rivals like InstantScripts and HealthEngine. The company focused on chronic conditions, including weight loss treatments and mental health support, generating over AUD 200 million in annual revenue. Its brands, such as Juniper and Pilot, now serve more than 775,000 users and bring in around $450 million yearly.

The acquisition will be funded mainly through HIMS' existing cash and U.S. operating cash flows. The deal includes an upfront payment of roughly $240 million, with additional deferred payments spread over 18 months. Performance-based earnouts will extend into early 2029, depending on Eucalyptus' financial results.

Once completed, the takeover will expand HIMS' reach into Australia and Japan while strengthening its presence in the UK, Germany, and Canada. Eucalyptus CEO Tim Doyle will take charge of HIMS' international operations after the deal closes. The transaction remains subject to standard regulatory checks and closing conditions.

The acquisition positions HIMS as a major player in global telehealth, adding Eucalyptus' strong Australian customer base and revenue streams. The combined company will operate across five key markets, with Doyle leading international growth. Finalisation of the deal is expected by mid-2026, pending approvals.