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.