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 ...

Both telecom giants boast dividends with attractive yields, but investors will want to look closely at their growth potential and debt loads.

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.