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

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.

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.

Verizon Communications' (NYSE: VZ) major news on Wednesday was entirely expected. Still, it helped push the company's stock into positive territory. Verizon's shares closed the trading session nearly 2% in response,

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