Bain Capital & Tillman Invest $1.5 Billion in Eaton Fiber to Expand Verizon Fiber Broadband
Key Highlights
- Bain Capital and Tillman Global Holdings have invested $1.5 billion in Eaton Fiber to support fiber network expansion and fund the acquisition of Ripple Fiber.
- Eaton Fiber has entered into a definitive agreement to acquire Ripple Fiber, advancing its strategy to expand Verizon fiber broadband through network construction and targeted acquisitions.
- Following the transaction's closing, Verizon will transition Ripple Fiber's customers to its fiber broadband platform and acquire select network assets in North Carolina and South Carolina.
Bain Capital and Tillman Global Holdings (Tillman) announced a $1.5 billion investment in Eaton Fiber, an affiliate of Tillman, to support the expansion of Verizon fiber broadband through new fiber network deployment across the United States. The investment, led by Bain Capital's Special Situations team, will fund Eaton Fiber's acquisition of Ripple Fiber and future network expansion.
As part of the transaction, Eaton Fiber has entered into a definitive agreement to acquire Ripple Fiber, a fiber-optic network operator. The acquisition represents the first step in Eaton Fiber's strategy to expand Verizon fiber broadband beyond Verizon's existing service footprint through a combination of new network construction and acquisitions. Ripple Fiber's current shareholders, Platform Investment Partners and KLT, will retain an ownership interest in the Eaton Fiber platform alongside Tillman and Bain Capital.
The investment builds on a commercial agreement announced by Verizon and Eaton Fiber in October 2025. Under that agreement, Eaton Fiber is responsible for funding, constructing, operating, and maintaining fiber infrastructure, while Verizon serves as the exclusive retail provider of residential and small business fiber services, including sales, marketing, and customer support.
As part of the transaction, Verizon will acquire Ripple Fiber's existing customer relationships, which will transition to Verizon's fiber broadband platform following closing. Verizon will also acquire portions of Ripple Fiber's network and related assets located adjacent to or within Verizon's existing service areas in North Carolina and South Carolina. The companies stated that customer service is expected to continue without interruption during the transition.
The transaction is expected to close before the end of 2026, subject to customary closing conditions and regulatory approvals.
Source: Bain Capital & Tillman Global Holdings
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