Update 10:23am: Adds Frontier confirmation. Frontier Communications (NASDAQ:FYBR) rose 2% after its shareholders approved its planned $9.6 billion sale to Verizon (VZ). Verizon rose 1.3%. Approximately 63% of stockholders voted for the deal, with ten of ...

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

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.

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.

Shares of telecom giant Verizon (NYSE: VZ) have been on an upswing. The stock is up about 14% over the past 12 months at the time of this writing. While a rising share price is welcome, perhaps the stock's most appealing aspect is as an income investment.

The Frontier investors have told Verizon and the Frontier board that the valuation metrics in the Ziply deal imply a far higher purchase price for Frontier, citing the long-term growth prospects for fibre broadband service.

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.