Investors are set to approve the $9.6 billion deal that some shareholders had opposed as too low.

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.

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.

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

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 ...

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.

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.