THE NEWS: Verizon will own its wireless business outright after agreeing to a $130 billion deal to buy the 45 percent stake of Verizon Wireless owned by British cellphone carrier Vodafone.

THE NEWS: Verizon will own its wireless business outright after agreeing to a $130 billion deal to buy the 45 percent stake of Verizon Wireless owned by British cellphone carrier Vodafone.

THE CONTEXT: The buyout, the second-largest acquisition deal on record, would give Vodafone PLC additional cash to pursue its expansion ambitions in Europe. Verizon expects it will boost its net income by 10 percent without a partner sharing the profits .

NEXT STEPS: The deal, which still needs to be approved by regulators and shareholders, is expected to close in the first quarter.