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UPDATE 1-Cable One to buy telecom firm Hargray Communications in $2.2 bln deal

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(Adds details on the deal)

Feb 15 (Reuters) - U.S. cable service provider Cable One Incsaid on Monday it would buy the remaining stake inregional telecom firm Hargray Communications that it does notalready own, in a deal valued at $2.2 billion.

Cable One said the deal would help the company expand itspresence into the Southeastern U.S. markets. The companypreviously owned a near 15% stake in Hargray, which providestelecommunications services in South Carolina, Georgia, Alabamaand Florida.

The deal is expected to close in the second quarter of thisyear and would realise about $45 million in estimated annualcost savings within three years of close, the companies said.

Credit Suisse and J.P. Morgan are financial advisers toCable One on the deal.(Reporting by Ayanti Bera in Bengaluru; editing by Edmund Blairand Jason Neely)