Verizon will own its wireless business outright after agreeing Monday to pay $130 billion for the 45 percent stake in Verizon Wireless owned by British cellphone carrier Vodafone.

The buyout, the second-largest acquisition deal on record, would give Vodafone PLC additional cash to pursue its expansion ambitions in Europe. The deal would give Verizon Communications Inc. an opportunity to boost its quarterly earnings, as it would no longer have to share a portion of proceeds from the No. 1 wireless carrier in the U.S. It expects its earnings per share will rise by 10 percent once the deal closes. The deal requires approval by regulators and shareholders of both companies. It is expected to close in the first quarter of 2014.

The deal isn’t expected to have much of an effect on Verizon consumers or on the company’s operations. Vodafone had little influence on Verizon Wireless’ day-to-day operations, and the two companies have kept out of each other’s territory.

— From wire reports