Good evening,

The first IPO of the window has been pulled - but it’s probably not what you would expect.

Genie Solutions, the $250 million medical practice software provider out of IFM Investors, has been snapped up by Pacific Equity Partners and its portfolio company The Citadel Group.

Only days out from knocking together an investor syndicate and underwriting the float, Citadel pounced and signed a deal at the weekend.

The takeover means Genie Solutions’ controlling shareholder, financial investor IFM Investors, can get out in full. It bought in during 2017, in a deal valuing the company at about $55 million.

Elsewhere, two Australian Unity property funds have agreed a $1.2 billion tie-up, while we have details on how AustralianSuper funded its $1.9 billion telecommunications towers deal.

And watch out for SG Lottery on Monday. The IPO of the decade hopeful will ramp up institutional marketing.

Happy reading,
Anthony Macdonald, Yolanda Redrup and Kanika Sood
Street Talk editors