Ambitious Bermuda-based Global Crossing Ltd, which is planning to build an undersea telecommunications network spanning five continents, has had a $9 billion buy-out approved by shareholders.

Shareholders of the long distance communications and services company Frontier Corp voted yesterday and agreed to the deal. On Tuesday the Federal Communications Commission approved the deal, which Global Crossing said is expected to close at the end of the month.

Under the terms of the current merger agreement, Frontier shareholders would receive 2.05 Global Crossing common shares for each share of Frontier stock.

Earlier this month Global had sweetened its offer for Frontier by 12 percent after a decline in Global's stock price had eroded the value of the earlier offer.

The deal will give Global a foothold in the United States as well as the planned optical fire network planned to link 170 cities in 24 countries.

"Upon our merger with Frontier, Global Crossing will have one of the most advanced fibre-optic networks in the United States, connecting Frontier's 20,000 route miles to the rest of the world through the Global Crossing worldwide network,'' said Gary Winnick, Global Crossing founder and co-chairman.

The merger will add one million customers to Global Crossing's broadband network.

Shares of Global Crossing fell $1-5/16 to $24-3/8 in Nasdaq trading, while Frontier stock dipped 7/16 to $48-1/2 in composite New York Stock Exchange Trading.