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(Corrects equity value of the deal in headline and paragraph 1)

Oct 27 (Reuters) - Murray Goulburn Co-operative, Australia's largest milk processor, on Friday said it agreed to a buyout from Canadian dairy company Saputo Inc worth up to A$637.8 million ($488 million).

Murray Goulburn said Saputo would pay between A$1.10 and A$1.15 per share, compared to its A$2.10 issue price when it listed in 2015.

A total buyout value of A$1.3 billion would include the company's debts and liabilities. ($1 = 1.3079 Australian dollars) (Reporting by Christina Martin in Bengaluru; Editing by Byron Kaye, G Crosse)