Debevoise & Plimpton LLP is advising Verizon Communications Inc. in its agreement with Vodafone Group Plc to acquire Vodafone’s U.S. group with the principal asset of 45 percent of Verizon Wireless for $130 billion, consisting primarily of cash and stock.

The transaction was unanimously approved by the boards of directors of Verizon and Vodafone, and is subject to customary closing conditions, including regulatory approvals and the approval of both companies’ shareholders. The transaction is expected to close in the first quarter of 2014.

The transaction would provide Verizon with 100 percent ownership of the industry-leading wireless carrier in the United States. As a wholly owned entity, Verizon Wireless will be better equipped to take advantage of the changing competitive dynamics in the market and capitalize on the continuing evolution of consumer demand for wireless, video and broadband services.

Debevoise is advising Verizon on various financing and M&A aspects of the transaction. The Debevoise team is led by partners Jeffrey J. Rosen, Michael A. Diz, Steven J. Slutzky and Peter A Furci, and includes associates Morgan J. Hayes, Adam E. Kopald, Marina P. Copola and Philip S. Voss.