Hims & Hers to Acquire Eucalyptus for up to $1.15B

Hims & Hers has agreed to acquire telehealth startup Eucalyptus in a deal worth up to USD1.15 billion. The transaction is positioned as a major liquidity event for Eucalyptus’ early backers and employees who took equity rather than salary.

The article describes Eucalyptus as rewarding staff with shares from early in its life, creating a broad base of Australian angel investors and venture capital participation over multiple early rounds. It also notes that Eucalyptus engaged Barrenjoey’s Justin Dwyer and Goldman Sachs in New York for advice, with additional advisers including G+T and PwC, and legal support from MinterEllison for Hims & Hers.