STMicroelectronics to acquire Genesis Microchip for $336mn

December 12, 2007 – STMicroelectronics has announced that it is to make an agreed cash offer of $336mn to acquire US semiconductor firm Genesis Microchip.

The acquisition has been approved by Genesis’ board of directors, and is expected to be completed in the first quarter of 2008.  STMicroelectronics stated that through this acquisition it intends to strengthen its position as “a semiconductor technology leader in the consumer electronics market”.

“STMicroelectronics is a leader in digital consumer technologies, with a strong position in set-top box compression technologies and “front end” processing technologies in digital TV,” said Philippe Lambinet, Corporate Vice President and General Manager of STMicroelectronics’ Home Entertainment & Displays Group.  “Genesis is a leader in “back end” image and video processing and digital interconnect technologies. 

“The combined company will have the products, technology, IP and expertise to offer best-in-class integrated DTV processing solutions that our customers are increasingly demanding.  We also believe that the Genesis DisplayPort technology brings expanded opportunities to the PC and home entertainment markets.”

Genesis reported revenues of $191mn for the 12 months ending September 30, 2007.