The transaction, which awaits regulatory approval, would extend Verizon’s fiber network to a size that would rival major competitors like AT&T and Comcast by adding back lines i

Frontier Communications shareholders have approved a $9.6 billion sale to Verizon, the company said on Wednesday, even as a number of large investors sought to get a higher price. Shareholders had until Wednesday to cast their votes on a deal that Verizon's CEO Hans Vestberg called a "strategic fit" that would allow the company to be more competitive in additional markets.

Frontier Communications announced  its shareholders gave a stamp of approval for Verizon's proposed $20 billion deal to buy the company.

Over 60 percent of Frontier Communications stockholders have approved a merger agreement proposal with Verizon.

The deal has been approved despite a lot of noise from several Frontier investors in recent weeks that Verizon's bid undervalues the company. Several Frontier shareholders have expressed their opposition to the deal, including Glendon Capital Management, Cooper Investors Pty Limited, and Cerberus.

Verizon Communications' (NYSE: VZ) major news on Wednesday was entirely expected. Verizon's shares closed the trading session nearly 2% in response, providing a positive contrast to the flatlining S&P 500 index.

Shareholders of pure-play fiber internet provider Frontier Communications Parent, Inc. ($FYBR) on Wednesday have approved the acquisition of the company by Verizon Communications Inc. ($VZ) at a special meeting.

The Frontier purchase will be an all-cash transaction valued at $20 billion. According to media reports, Verizon looks to take on debt to finance the deal. The telecom already shoulders a hefty $126.4 billion in unsecured debt as of Q3.

Frontier Communications (FYBR) rises 2.6% as shareholders are set to approve sale to Verizon (VZ). WSJ report confirms deal approval.