Hims & Hers Health, Inc., the leading health and wellness platform, announced on February 19 that it has entered into a definitive agreement to acquire Eucalyptus.
As its U.S. business continues to grow, Hims & Hers will be positioned, upon closing of the acquisition, to expand into Australia and Japan and deepen its presence in the United Kingdom, Germany and Canada.
Founded in 2019, Eucalyptus builds and operates a network of digital healthcare companies. The company has facilitated nearly two million consultations across Australia, the United Kingdom, Germany, Japan and Canada.
Hims & Hers is a multi-specialty telehealth platform based in San Francisco, California. Hims & Hers provides personalized healthcare solutions by leveraging innovative pharmacy operations to offer tailored treatments such as custom dosages, allergen-free medications and sterile compounded products.
The terms of the transaction have been structured to preserve the financial flexibility of Hims & Hers, ensuring continued control over balance sheet management and capital allocation. The transaction is valued at up to $1.15 billion, subject to customary purchase price adjustments. Approximately $240 million will be payable in cash upon closing of the acquisition. The remaining consideration consists of guaranteed deferred payments over the 18 months following closing, and additional earnout payments tied to the attainment of specified financial targets through early 2029.
Following the completion of the acquisition, Tim Doyle, current CEO of Eucalyptus, will become the SVP of International at Hims & Hers, overseeing the company’s international business. Hims & Hers has the option to settle the majority of deferred and earnout payments in cash or stock, at its election. The company is currently prepared to finance most of the transaction with existing cash on hand and future operating cash flows from its U.S. operations.
The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close during the middle of calendar year 2026.
According to data captured in the LevinPro HC database, this transaction represents the 40th eHealth acquisition of 2026, and the sixth in the telehealth specialty. Other acquirers in the space so far this year include Noto (acquired Rebound Health), Wisp (acquired TBD Health), Firstsource Solutions (acquired Telemedik), C3 HealthcareRx (merged with Wellbox Health) and Charlesbank Capital Partners (acquired HBox). The telehealth specialty makes up approximately 15% of all eHealth deals announced since January 1, 2026. There were 52 telehealth deals reported in 2025, and 43 reported in 2024.
