Cable One to buy telecom firm Hargray Communications in $2.2 billion deal

U.S. cable service provider Cable One Inc said on Monday it would buy the remaining stake in regional telecom firm Hargray Communications that it does not already own, in a deal valued at $2.2 billion.

Cable One said the deal would help the company expand its presence into the Southeastern U.S. markets. The company previously owned a near 15% stake in Hargray, which provides telecommunications services in South Carolina, Georgia, Alabama and Florida.

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

Credit Suisse and J.P. Morgan are financial advisers to Cable One on the deal. Reuters