UPDATE 1-Microsemi buys Endwave's defense & security business

* Microsemi buys Endwave's D&S business for $28 mln

* Microsemi expects deal to be accretive immediately

* Endwave shares up 51 pct

April 30 (Reuters) - Power management chipmaker Microsemi Corp (MSCC.O) said it bought Endwave Corp's (ENWV.O) defense electronics and security (D&S) business for about $28 million in cash plus assumption of specified liabilities.

Shares of Endwave rose as much as 51 percent on the news.

Microsemi expects the deal to be accretive immediately.

The company said it intends to expand the D&S business into new, related markets such as satellite and space. Shares of Microsemi were trading up 1 percent at $13.77, while those of Endwave were up 48 percent at $2.94 Thursday morning on Nasdaq. (Reporting by Shrutika Verma in Bangalore; Editing by Anne Pallivathuckal)