In a landmark move, Hims & Hers Health agreed to acquire digital health company Eucalyptus for about USD 1.64 billion, described by the deal’s advisers as one of the most significant exits in Australian venture capital history.

The closing of the deal is expected mid-year, pending customary regulatory approvals.

MinterEllison’s team for the deal included specialists in healthcare regulation, real estate, IP, litigation, tax, workplace, funds, finance, FIRB, and competition, led by partners Korey Barbousas and Nicole Sloggett.

Hims & Hers will gain full ownership of Eucalyptus, with the option to partially pay the consideration in listed shares via a US-listed scrip component to increase deal flexibility.

Following the transaction, Eucalyptus will become Hims & Hers’ international division to bolster expansion into Australia and Japan and to strengthen the company’s presence in the UK, Germany, and Canada.

Cooley acted as Eucalyptus’s US counsel, while Hims & Hers is publicly listed on the NYSE.

MinterEllison’s cross-border due diligence covered eight jurisdictions, with work on transaction structuring, documentation, FIRB and competition advice, and warranty/indemnity insurance, led by Daniel Scotti and Nicole Sloggett.

The deal underscores the telecommunications of Australia’s venture ecosystem and the global shift toward digital health, driven by GLP-1 therapies and consumer expectations, highlighting the value of integrated capital strategy, governance, and M&A advice for founders and investors.