Bain Capital and Tillman Global Holdings revealed a $1.5 billion investment in Eaton Fiber to accelerate the expansion of Verizon fibre broadband to more than 1 million locations outside the operator’s existing US footprint.

Eaton Fiber is an affiliate of Tillman which serves as Verizon’s exclusive wholesale fibre-building partner

The investment fully funds Eaton Fiber’s acquisition of Ripple Fiber, a fibre-optic internet provider, alongside the next phase of Eaton Fiber’s network expansion.

The Ripple Fiber deal marks the first step in a buy-and-build strategy aimed at bringing Verizon fibre broadband to more locations through a combination of organic construction and further acquisitions.

Ripple Fiber’s existing shareholders, Platform Investment Partners and KLT, will continue backing the Eaton Fiber platform alongside Tillman and Bain Capital.

The deal builds on a commercial agreement between Verizon and Eaton Fiber fannounced in October 2025, under which the latter funds, builds, maintains and operates fibre network infrastructure, while Verizon serves as the exclusive retail provider for residential and small business fibre services, handling sales, marketing and customer service.

Verizon CEO Dan Schulman stated expanding Verizon fibre’s reach is central to the company’s growth and convergence strategy, describing the partnership as a capital-efficient model to extend its fibre broadband experience beyond its core footprint.

As part of the transaction, Verizon will acquire Ripple Fiber’s existing customers, who will transition to Verizon’s fibre broadband platform over time with uninterrupted service, along with a small portion of Ripple Fiber’s network and related assets adjacent to or partially within Verizon’s existing footprint in North Carolina and South Carolina.

Tillman co-president and Eaton Fiber co-founder Sachit Ahuja said the Ripple Fiber acquisition strengthens Eaton Fiber’s relationship with Verizon, while Bain Capital’s long-term capital provides additional resources to accelerate deployment.

Ripple Fiber founder and chief executive Greg Wilson said the acquisition positions the company to accelerate its mission of connecting homes and businesses to fibre using its experience operating wholesale networks.

The transaction is expected to close before the end of 2026, subject to customary closing conditions and regulatory approvals.

Eaton Fiber has secured committed debt financing from a syndicate led by Societe Generale and SMBC, alongside existing financing partner Future Standard Digital Infrastructure.

Verizon, AT&T and T-Mobile US are actively beefing up their fibre holdings through joint ventures, wholesale agreements and outright purchases of fibre-rich companies to support the convergence of mobile and fibre-based broadband services.

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