UPDATE 1-Imagination Tech inks power adapter deal with US co

* Says Green Plug to use Imagination chips in DC adapters

* Says consideration has equity and cash elements

* Shares rise as much as 7.2 percent (Adds details)

Nov 12 (Reuters) - Imagination Technologies Group Plc (IMG.L) has partnered with Green Plug Inc, a digital technology company, whereby Green Plug will use Imagination's chips in its universal adapters, sending the British chip designer's shares up more than 7 percent.

Green Plug will deploy Imagination's META processor and related intellectual property (IP) cores in its DC adapters, which can power any device and negotiate dynamic power use to reduce power consumption, Imagination said in a statement. Consideration for the deal has "equity and cash elements", Imagination said, but did not disclose details.

Imagination also said its Pure radio making division would enable its digital radios to accept power from Green Plug smart power adapters.

Green Plug is a privately held company based in San Ramon, California.

Imagination shares were up 2.4 percent at 229.1 pence at 1218 GMT. They touched a high of 240 pence earlier in the session. (Reporting by Kumar Alagappan in Bangalore; Editing by Gopakumar Warrier)