UPDATE 1-Gennum to buy Tundra Semiconductor for C$86 mln

*Gennum to buy Tundra in C$86 mln cash and stock deal

*Bid values Tundra at C$4.43 a share

*Gennum sees synergies of about $10 mln

TORONTO, March 19 (Reuters) - Gennum Corp (GND.TO) is buying intellectual property firm Tundra Semiconductor (TUN.TO) in a cash and stock deal worth C$86 million ($69.4 million), the companies announced late on Thursday.

The deal values Tundra at C$4.43 a share. Tundra's shares closed at C$3.07 on the Toronto Stock Exchange on Thursday.

Gennum, also an intellectual property and semiconductor firm, said it expects cash synergies of about $10 million from the deal.

"Gennum anticipates that, when completed, the transaction will augment Gennum's global sales and channel network, and will enable Gennum to leverage Tundra's customer relationships in high-growth regions such as Asia and China," it said in a statement.

It added it expects the deal will be add to earnings this fiscal year, excluding one-time costs.

Gennum shares closed 25 Canadian cents lower at C$3.52.

The deal announced after the market close.

($1=$1.24 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway)