UPDATE 3-TTM to buy Meadville's PCB business for $521 mln

* Deal to expand TTM's footprint in Asia

* Meadville shareholders to own 45 pct in TTM, post-deal

* TTM shares up 11 pct in morning trade (Adds analyst comments, conference call details, background, updtes share movement)

By Manasi Phadke and S. John Tilak

BANGALORE, Nov 16 (Reuters) - Printed circuit board maker TTM Technologies Inc (TTMI.O) agreed to buy Hong Kong's Meadville Holdings Ltd's (3313.HK) printed circuit board (PCB) business for about $521 million in cash and stock to diversify its business and expand into Asia.

The deal will create the world's No. 3 PCB maker, with combined 2008 annual sales of $1.35 billion.

Shares of TTM rose as much as 11 percent to $12.39 Monday morning on Nasdaq, but pared some gains and were up 9 percent at $12.24 in late morning trade. They closed at $11.21 Friday.

"Investors have been waiting a number of years for TTM to make an announcement that they were heading into Asia," Longbow Research analyst Shawn Harrison said.

The combination is expected to add to earnings without synergies within the first year after closing, the company said.

"The deal looks accretive right out of the gate by at least 10 cents or more per year," Harrison said.

The transaction is expected to be completed in the first quarter of 2010, TTM said.

The company will pay $114 million in cash and the rest in the company's shares to Meadville's shareholders, TTM said in a filing with the U.S. Securities and Exchange Commission.

Post-transaction, Meadville shareholders will own about 45 percent stake in TTM, with Tang Hsiang Chien, trustee of the Tang Family Trust, holding about 33 percent.

Tang Hsiang Chien, father of Hong Kong Chief Secretary for Administration Henry Tang, will also have a place on TTM's board.

Tang's presence on the board is a positive for TTM as the company has little experience of running operations in Asia, Harrison said.

The enterprise value of the transaction is about $936 million, TTM said.