Tuesday, December 11, 2007

STMicroelectronics Acquires Genesis Microchip

STMicroelectronics, a Geneva-based semiconductor manufacturer, said Monday afternoon that it is in a definitive agreement to acquire Santa Clara-based Genesis Microchip. The deal is worth approximately $336M in cash. STMicroelectronics said it would pay $8.65 per share for the firm. Genesis Microchip is a pubilcly held manufacturer of chipsets for the digital television and display market. The deal is expected to complete in Q1 of 2008. STMicroelectronics was advised by Morgan Stanley and Shearman & Sterling LLP in the deal; Genesis Microchip was advised by Goldman Sachs and Wilson Sonsini Goodrich & Rosati.