UPDATE 1-Exchange operator Cboe's profit misses estimates as costs rise

(Adds expenses, details on Bats acquisition)

Feb 9 (Reuters) - Cboe Global Markets Inc's fourth-quarter earnings narrowly missed analysts' forecasts, as the operator of the largest U.S. options exchange incurred higher costs.

Chicago-based Cboe said on Friday operating expenses rose to $156.9 million in the quarter ended Dec. 31 from $68.1 million a year earlier, partly due to its purchase of another major exchange operator, Bats Global, in 2016.

Cboe has been expanding through acquisitions, mainly to counter weakness in trading and clearing revenues due to swings in market volatility.

The company said net income allocated to common stockholders rose to $254.6 million from $44.7 million a year earlier, reflecting a one-time gain of $191.5 million related to new U.S. tax laws.

Excluding one-time items, Cboe earned 87 cents per share, falling short of the 88 cents expected by analysts on average, according to Thomson Reuters I/B/E/S.

Total revenue more than tripled year-over-year to $620.7 million as transaction fees soared.

Shares of Cboe fell 4.6 percent to $106.00 in light premarket trading on Friday. (Reporting by Nikhil Subba in Bengaluru; Editing by Sai Sachin Ravikumar)