ST Microelectronics buys Genesis

CHIPMAKER STM has splashed out $336 million to buy Genesis Microchip.

Genesis, which is not fronted by Peter Gabriel - at least not any more - makes the electronic gubbins in the back of flat screen tellies.

STM wants to expand its horizons into the digital television market, which it sees as a winner as analogue tellies join dinosaurs and the beaker people in the dustbin of history.

STM said that consumer electronics is the fastest growing industry for semiconductor makers these days. Genesis also has some nice product and intellectual property which could be worth a bob or two in a few years' time.

Genesis was getting by on revenues of $191 million a year.

The deal means that Genesis will become part of STM's Home Entertainment and Displays Group. There are no job cuts announced yet. µ