Verizon Communications is near a $130 billion deal to buy out the 45 percent stake in Verizon Wireless it does not already own from Vodafone Group and plans to raise about $65 billion to fund the purchase, people familiar with the matter said on Saturday.
Boards of Verizon and Vodafone are each expected to meet this weekend to approve the proposed transaction, which could be announced on Monday, the people said.
(Read more: Vodafone investors split on best use of windfall
It plans to pay for another half of the purchase with its own stock.
The four banks are also advising Verizon, along with former Morgan Stanley banker Paul Taubman and Guggenheim Partners, the sources said.
Goldman Sachs and UBS are advising Vodafone, the sources said.
Verizon Communications and Vodafone declined to comment. Goldman Sachs declined comment, as well. The other banks were not immediately available for comment.
(Read more: Cramer: This stock about to be 'really attractive')
Under the terms of the deal, Verizon Communications will buy Vodafone's U.S. holding company, Vodafone Americas, that owns the Verizon Wireless stake and some other assets, the sources said.
Verizon will then keep the Verizon Wireless stake and sell European assets back to Vodafone, in a move that is expected to reduce Vodafone's tax bill to around $5 billion, the sources said.
The deal marks the third-largest acquisition announcement in corporate history and British telecom giant Vodafone's exit from the large but mature U.S. market.