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NYSE-listed telehealth giant Hims & Hers is buying heavily hyped Aussie weight loss startup, Eucalyptus, in a USD1.15 billion ($1.63 billion) deal. Eucalyptus has been dominating the weight loss space in Australia, recently shifting its strategy to retreat from an expansion into men’s longevity to focus on its booming weight loss business.

Tim Doyle, the 35-year-old co-founder and CEO of Eucalyptus, will become the SVP of International at Hims & Hers once the deal closes in mid-2026 and will oversee the company’s international business.

It comes after Capital Brief in November reported that prominent Eucalyptus shareholder Blackbird had highlighted the startup as a notably strong performer in its portfolio at a closed-door briefing for investors, where it said the startup would soon achieve unicorn status.

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Market movers

Shares in buy now pay later company Zip plunged 34% on Thursday after first-half cash EBITDA of $124 million came in 3% below Citi's consensus of $128 million, US net transaction margins contracted and full-year earnings guidance implied $248 million against analyst consensus of $261 million.

The quick sync

• Australia's $4.5 trillion super sector has overtaken the banks as the biggest funder of corporate Australia. (Capital Brief)

• Angus Taylor is making economic management the centrepiece of the Coalition's 2028 comeback strategy. (Capital Brief)

• Sharon AI listed on the Nasdaq, raising USD125m at more than double its December pre-IPO price, beating rival Firmus to market. (Capital Brief)

• MA Financial says it is protected from cracks in US private credit, even as its shares fell nearly 10% the day of what co-CEO called one of the company's strongest full-year results. (Capital Brief)

• Telstra's stronger than expected result gave CEO Vicki Brady a platform to calm investor nerves over looming spectrum costs. (Capital Brief)

• HWL Ebsworth is searching for a new chief executive partner after Russell Mailler resigned and confirmed he will leave in April. (Capital Brief)

Trading floor

M&A

• Hims & Hers to buy Eucalyptus for $1.15b, boosting its global digital health reach. (Capital Brief)

• Goldman Sachs will sell Seek Growth Fund’s $2.3b stake in Employment Hero. (AFR)

• CARe Automotive’s Jim Vais and Norman Moss acquire MotorOne Autobody’s 20 smash repair shops. (AFR)

• CC Capital tests buyers for Insignia’s non-core assets amid pending acquisition approval. (The Australian)

• Ellerston Capital buys Australian whitegoods giant Winning Appliances. (AFR)

• Wilson Group seeks sale or partnership for Melbourne self-storage assets. (AFR)

• Netflix has ample room to increase its offer in battle for Warner Bros, sources say. (Reuters)

Capital Markets

• Telstra’s profit rose 8.1%, and it lifted its dividend after strong cost control efforts. (Capital Brief) (Capital Brief)

• Transurban returned to profit on stronger traffic and lifted its dividend. (Capital Brief)

• Medibank’s profit fell 11%, missed expectations, and its shares dropped. (Capital Brief)

• Gina Rinehart adds Netflix shares to her $3.2b US portfolio. (AFR)

• Wesfarmers’ profit rose 9.3%, and it lifted its dividend on improved retail performance. (Capital Brief)

• PLS Group posted a weaker-than-expected $33m profit and did not declare a dividend. (Capital Brief)

• Hub24’s profit surged 60%, beating expectations and lifting its shares. (Capital Brief)

• APA Group returned to profit but missed estimates, while lifting its dividend. (Capital Brief)

• Bennelong’s Mark East leads a loyal 12.5% institutional stake in Breville. (AFR)

• Brambles’ profit rose 11% and its dividend increased, but it trimmed revenue growth guidance. (Capital Brief)

• Insignia returned to profit as cost reductions and higher funds boosted earnings. (Capital Brief)

• Goodman’s profit missed expectations amid a revenue drop, and shares fell. (Capital Brief)

• Auckland Airport’s profit fell 5% despite revenue growth, with a dividend declared. (Capital Brief)

• Lovisa’s profit missed estimates despite strong sales, and shares fell sharply. (Capital Brief)

• Ventia’s profit rose 13% with a higher dividend as CEO Dean Banks prepares to exit. (Capital Brief)

• Whitehaven’s profit fell 31% and it lowered its dividend amid weak coal markets. (Capital Brief)

• IGO cut its first-half loss, but revenue dropped 32% and no dividend was paid. (Capital Brief)

• Lifestyle Communities’ profit fell 30% to $16m, and no dividend was declared. (Capital Brief)

• Zip’s profit and revenue surged, yet its shares fell sharply. (Capital Brief)

• Sonic Healthcare’s profit rose 11%, with revenue growth and a higher dividend. (Capital Brief)

• Charter Hall’s profit surged 186% and it raised full-year earnings guidance. (Capital Brief)

• MA Financial’s profit fell sharply on acquisition costs, but AUM and underlying earnings grew. (Capital Brief)

• Downer EDI’s profit rose 29.8% and its dividend was lifted, despite lower revenue. (Capital Brief)

• Sandfire Resources’ profit nearly doubled, maintaining FY26 guidance amid higher revenue. (Capital Brief)

• Codan’s profit rose 55% with higher revenue and a bigger dividend. (Capital Brief)

• Bapcor halted trading ahead of its first-half earnings update. (Capital Brief)

• Articore’s first-half profit rose to $12.7m, with EBIT at a five-year high and upgraded guidance. (Capital Brief)

• Australia’s unemployment remained 4.1% as full-time jobs rose and underemployment edged up. (Capital Brief)

• Appetise raised $7m to expand its meal planning app after strong Australian growth. (Capital Brief)

• CBA shareholder class actions reach High Court to challenge materiality and damages. (Capital Brief)

• MA Financial avoids high-risk US tech lending, keeping exposure low amid market cracks. (Capital Brief)

• Rio Tinto’s earnings were flat, profit fell 14%, and the dividend stayed the same. (Capital Brief)

• Sharon AI lists on Nasdaq, raising $125m and quickly doubling pre-IPO valuation. (Capital Brief)

• La Trobe Financial plans $1b+ IPO on ASX, eyeing $3b valuation. (AFR)

• Morgans Financial backs Pay.com.au IPO to raise $800m by April. (AFR)

• Australia’s capital productivity down 18.6% since 1995, PC urges reforms to boost efficiency. (Capital Brief)

• Australia’s super funds now outpace banks, providing 44% of corporate funding. (Capital Brief)

• Mike Cannon-Brookes and Scott Farquhar lose about a third of their combined wealth, as Atlassian shares are the Nasdaq 100's worst performer this year. (Bloomberg)

• Epstein waged a years-long quest to meet Putin and talk finance. (Bloomberg)

• Altman-Amodei hand-holding snub goes viral at India AI summit. (Bloomberg)

• Amazon dethrones Walmart as world’s biggest company by sales. (Bloomberg)

• Top lawyers’ fees have skyrocketed. Be prepared to pay USD3,400 an hour. (WSJ)

• Blue Owl permanently halts redemptions at fund aimed at retail investors. (FT)

• Bill Gates pulls out of India AI summit amid Epstein scrutiny. (Reuters)(FT)

• Goldman Sachs lawyer, Epstein conferred on US Secret Service prostitution scandal. (Bloomberg)

• Mandelson's consultancy firm set to enter administration after Epstein links. (Reuters)

• How much sleep does a banker need? A US court will decide. (FT)

• Steve Cohen's USD3.4b payday tops hedge fund ranks. (Bloomberg)

• Traders left with ‘unscratchable itch’ for Anthropic exposure. (Bloomberg)

VC 

• Hamish Blake’s “Hametasker” offers paid jobs and may be filmed, valued over $1b by Airtasker’s CEO. (Startup Daily)

• New Zealand startup Appetise raises $7m to offer free meal planning and sell grocery behaviour data to brands. (Startup Daily)

People moves

• HWL Ebsworth CEO Russell Mailler resigns after 14 years; firm seeks new leader. (Capital Brief)

• Ord Minnett adds former ASIC chief Greg Yanco to its board. (AFR)

The watercooler