Bain Capital and Tillman Global Holdings have announced a $1.5 billion investment in Eaton Fiber, an affiliate of Tillman, to accelerate the expansion of Verizon’s fiber broadband across the United States. The investment fully funds the acquisition of Ripple Fiber and the next phase of Eaton Fiber’s network expansion.
Eaton Fiber has also entered into a definitive agreement to acquire Ripple Fiber, a leading 100 percent fiber-optic internet provider and network operator. The acquisition is the first step in Eaton Fiber’s buy-and-build strategy to bring Verizon fiber broadband to over a million locations outside Verizon’s current fiber footprint through organic construction and disciplined acquisitions. Ripple Fiber’s existing shareholders, Platform Investment Partners and KLT, will continue to back the Eaton Fiber platform alongside Tillman and Bain Capital.
The investment builds on the commercial agreement between Verizon and Eaton Fiber announced in October 2025, further advancing Verizon’s broadband and mobility convergence strategy. Under the agreement, Eaton Fiber funds, builds, maintains and operates the network. Verizon serves as the exclusive retail provider of residential and small business fiber services and is responsible for sales, marketing and end-user customer service, expanding fiber broadband availability into new areas.
“The U.S. fiber market is at a critical inflection point. Higher interest rates and tighter capital markets have constrained supply for standalone fiber-to-the-premise platforms, even as demand for high-quality broadband continues to grow. Wholesale fiber platforms have emerged as the most capital-efficient way to close that gap at scale,” said Angelo Rufino, Head of North America Special Situations and Head of Corporate Special Situations in Europe at Bain Capital. “Eaton Fiber sits at the center of that opportunity, combining a proven build engine with a committed Tier 1 anchor partner in Verizon. We are excited to invest alongside Tillman and the Verizon teams to grow this platform and bring essential connectivity to markets with growing demand for fiber connectivity.”
In connection with the transaction, Verizon will acquire Ripple Fiber’s existing customers, who will transition to Verizon’s fiber broadband platform over a period of time following closing, with uninterrupted service throughout the transition. Verizon will also acquire a small portion of Ripple Fiber’s network and related assets adjacent to or partially within Verizon’s existing fiber footprint in North Carolina and South Carolina.
The transaction is expected to close before the end of 2026.
