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STMicroelectronics acquires Genesis Microchip for $336 million |
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Dec 11, 2007 at 12:13 PM |
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 In a move to boost its market presence in the $1.5 billion semiconductor market for digital applications, STMicroelectronics has said it will commence a cash tender offer to purchase all of the outstanding shares of Genesis Microchip implying a total equity value of approximately $336 million. Genesis Microchip is a fabless semiconductor company.
"STMicroelectronics is a leader in digital consumer technologies, with a strong position in set-top box compression and decompression technologies and "front end" processing technologies in digital TV. Genesis is a leader in "back-end" image and video processing and digital interconnect technologies," said Philippe Lambinet, Corporate Vice President and General Manager of STMicroelectronics' Home Entertainment & Displays Group. "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."
On closing, Genesis will become part of STMicroelectronics' Home Entertainment & Displays Group. Elias Antoun, Genesis Microchip's President and Chief Executive Officer will join STMicroelectronics and will lead STMicroelectronics' television and display initiatives, reporting to Philippe Lambinet.
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