The shareholders of Frontier Communications are set to greenlight Verizon Communications Inc.'s $20 billion takeover offer, The Wall Street Journal reported on Wednesday citing sources with knowledge of the matter.

The sources detailed that while certain Frontier investors were against the deal, seeking a higher price, the company managed to secure hefty support, which would enable it to close the agreement.

The transaction is expected to close in 2026, with Verizon paying Frontier shareholders $38.50 per share, and taking on a $10 billion debt.