Sept. 1 (Bloomberg) -- Verizon Communications Inc. agreed to acquire Vodafone Plc.’s 45 percent stake in Verizon Wireless in a $130 billion transaction to gain full control of the most profitable U.S. mobile-phone carrier, the Wall Street Journal reported, citing a person familiar.
Terms still need approval from the boards of both companies, WSJ said, citing the person.
A deal may be announced as early as tomorrow, as Vodafone’s board is meeting today and Verizon’s board will meet following the results of the action by Vodafone, WSJ said, citing people familiar.
For Verizon, full control of the largest U.S. wireless carrier will mean access to $21.8 billion in operating income to boost its network as it faces aggressive competition from Sprint Corp. Japan’s Softbank Corp. bought Sprint this year and founder Masoyashi Son has pledged to make the third-biggest U.S. wireless carrier a stronger rival.
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