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

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.

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

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.

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,

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