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Verizon agrees to stake from Vodafone for $130B

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NEW YORK -- Verizon will own its wireless business outright after agreeing to a $140 billion deal to buy the 45 percent stake of Verizon Wireless owned by British cellphone company Vodafone.

The deal announced Monday would give Vodafone PLC additional cash to pursue its expansion ambitions in Europe. It would also give Verizon Communications Inc. the opportunity to boost its quarterly earnings, as it would no longer have to share a portion of Verizon Wireless' proceeds with Vodafone.

The change isn't expected to have much of an effect on Verizon consumers or on its operations. Vodafone had little influence on Verizon Wireless' operations.

Verizon has had a long-standing interest in buying out its partner, but the two companies couldn't agree on a price until now.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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