By Danica Kirka and Mae AndersonNEW YORK -- Verizon will own its wireless business outright after agreeing to a $130 billion deal to buy the 45% stake of Verizon Wireless owned by British cellphone carrier Vodafone. The buyout, the second-largest acquisition deal on record, would give Vodafone PLC ( VOD) additional cash to pursue its expansion ambitions in Europe. Those ambitions include its push to buy up other cellphone providers and to expand into the lucrative world of mobile services. The deal announced Monday would also give Verizon Communications Inc. ( VZ), the opportunity to boost its quarterly earnings, as it would no longer have to share a portion of proceeds from the nation's No. 1 wireless carrier with Vodafone. Verizon expects the deal to increase its earnings per share by 10% once the deal closes. It also boosted its dividend. The deal still requires approval by regulators and shareholders of both companies. It is expected to close in the first quarter of 2014. It 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. The Verizon-Vodafone partnership started in 2000, when what was then Bell Atlantic combined its East Coast wireless network with Vodafone's operations on the West Coast. Vodafone had entered the U.S. market a year earlier by outbidding Bell Atlantic to buy AirTouch Communications Inc. of San Francisco. While Vodafone and Verizon have prospered by building the infrastructure to make cellphone calls, much of the growth in today's market is in providing services that can be used on smartphones over high-speed wireless connections, said Victor Basta, managing director at Magister Advisors. It's as if the tarmac of the highway has been laid, and now the real action is in the billboards on the side of the road. "While Vodafone has been pursuing its current strategy, operators have become locked in a galactic fight with online brands such as Google, Facebook, and eBay for mindshare," Basta said. "For these online leaders, winning on the mobile device is not a luxury, it is essential to their own success. The mobile screen is now the main screen in most Western markets."