UPDATE 1-Euromoney to buy Ned Davis Research Group

* Euromoney to pay $112 mln for initial 87 pct stake

* Maximum amount payable for Ned Davis is $173 mln

(Adds detail, background)

LONDON, June 20 (Reuters) - Euromoney , the financial information unit of British media group Daily Mail & General Trust (DMGOa.L), has agreed to buy American company Ned Davis Research Group to strengthen and expand its product range.

Euromoney said it expected to pay $112 million to acquire an initial 87 percent holding in Ned Davis, which provides independent financial research to institutional investors.

Euromoney would then buy the remaining interest in Ned Davis under an earn-out agreement and would pay a maximum of $173 million to acquire a 100 percent stake in the company.

Last month, Euromoney said it was trading in line with expectations after its first-half operating profit rose 10 percent. (UK equities) (Editing by Hans-Juergen Peters;