Hims and Hers Health, Inc. has entered into a definitive agreement to acquire Eucalyptus in a transaction valued at up to 1.15 billion dollars, marking a significant step in its international growth strategy. The deal is designed to expand the company’s reach beyond the United States and strengthen its position in key global health markets. The acquisition is expected to close in the middle of calendar year 2026, subject to customary closing conditions and regulatory approvals.
International Expansion And Market Positioning
Upon completion of the acquisition, Hims and Hers plans to expand into Australia and Japan while deepening its presence in the United Kingdom, Germany, and Canada. The company stated that the structure of the transaction is intended to preserve financial flexibility and maintain control over balance sheet management and capital allocation.
Eucalyptus operates several digital health brands, including Juniper and Pilot, and has served more than 775000 customers. The company has established operations in multiple countries and is recognized for its digital care model and clinical standards. It has published more than 20 peer reviewed articles in international journals examining patient outcomes, adherence, quality, and safety. Eucalyptus is also the first Australian telehealth business to receive accreditation from the Australian Council on Healthcare Standards.
Following the acquisition, Tim Doyle, current chief executive of Eucalyptus, will become senior vice president of international at Hims and Hers. In this role, he will oversee the combined company’s operations outside the United States.
The acquisition will add to Hims and Hers’ recent international efforts and broaden its range of services, from online pharmacy fulfillment to more personalized digital care services. The company intends to work with regional experts to enter and operate in new markets while adapting to local healthcare systems and customer needs.
Financial Structure And Growth Outlook
The transaction includes approximately 240 million dollars in cash payable at closing. The remaining consideration consists of guaranteed deferred payments over the 18 months following closing and additional earnout payments tied to financial targets through early 2029. Hims and Hers has the option to settle most deferred and earnout payments in cash or stock.
Eucalyptus currently reports an annual revenue run rate above 450 million dollars. The company has delivered triple digit year over year annual revenue run rate growth in each quarter of calendar year 2025 while operating with visibility toward profitability. Hims and Hers expects the combination to support category leadership in Australia and strengthen its position in the United Kingdom and Germany over the next two years.
For entrepreneurs and business owners, the deal reflects continued consolidation in the digital health sector as companies seek broader geographic reach and diversified revenue streams. By combining infrastructure, brand portfolios, and local expertise, Hims and Hers aims to scale its operations across multiple international markets while maintaining operational control and capital discipline.
The acquisition underscores the increasing importance of digital platforms in healthcare delivery and the role of strategic expansion in building global consumer health businesses.
