UPDATE 1-UK's Optos to buy Australian peer for up to $14.8 mln

* Seeks to expand in new markets, grow product base * Sees deal adding to earnings in current FY * Shares down 5 pct (Adds details) Nov 12 (Reuters) - Scottish retinal-imaging equipment firm Optos offered to buy Australian ophthalmic device maker Opto Global Holdings for up to $14.8 million in cash and stock, to bolster its product portfolio. Optos said in a statement it would pay $10.8 million in cash after closing the deal and an additional $1 million via share issue and contingent cash of maximum $3 million on reaching certain revenue-related milestones. Optos, which sells eye-testing instruments that can warn of high blood pressure and some cancers, has been looking for growth through entry into new geographic markets and the ophthalmology field. Opto Global makes devices for diagnosis of glaucoma, cataract, refractive and retina. Optos sees the acquisition, which will help it access new markets like the Far and Middle East, Australasia, Africa and Latin America, adding to its earnings in the current fiscal. Opto Global had revenue of 2.8 million pounds ($4.5 million) in the year ended June. Optos said the deal was expected to close on Dec. 13. Opto Global's Chief Executive Jairo Kerr Azevedo will join the Optos operating board on completion of the deal. Optos shares, which have fallen 13 percent since the company posted lower third-quarter revenue in July, were down about 5 percent at 97 pence at 0902 GMT on Friday on the London Stock Exchange. ($1=.6215 Pound) (Reporting by Aditi Samajpati in Bangalore; Editing by Prem Udayabhanu) Keywords: OPTOGLOBAL/OPTOS (aditi.samajpati@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: aditi.samajpati.thomsonreuters.com@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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