Bain Capital and Tillman Global Holdings are set to invest $1.5bn (€1.3bn) in Tillman affiliate Eaton Fiber in a move that will see the rapid expansion of Verizon Fiber broadband across the US.
As part of the investment, US network provider Eaton Fiber will acquire Ripple Fiber, a 100% fibre-optic internet provider and network operator, extending Verizon’s reach to an additional million locations over the next few years.
The investment builds on a commercial agreement between Verizon and Eaton Fiber announced in October 2025, further advancing Verizon’s broadband and mobility convergence strategy, the firms said in a statement.
Under the terms of the agreement, Eaton Fiber will fund, build, maintain and operate the network while Verizon serves as the exclusive retail provider of residential and small business fibre services and is responsible for sales, marketing and end-user customer service, expanding fibre broadband availability into new areas.
Angelo Rufino, head of North America special situations at Bain Capital, said: “The US fibre market is at a critical inflection point. Higher interest rates and tighter capital markets have constrained supply for standalone fibre-to-the-premise platforms, even as demand for high-quality broadband continues to grow.
“Wholesale fibre platforms have emerged as the most capital-efficient way to close that gap at scale,” Rufino said.
“Fibre is the critical backbone of digital infrastructure required to meet the evolving needs of our customers and power the rapid expansion of AI,” added Dan Schulman, Verizon CEO. “Expanding the reach of Verizon fibre is central to our growth and convergence strategy, and this partnership gives us a highly capital-efficient model to extend Verizon’s award-winning fibre broadband experience to more customers outside of our core footprint.”
Greg Wilson, founder and CEO of Ripple Fiber, said: “As a wholesale fibre network platform, we will do what we do best, working within communities to deliver state-of-the-art fibre connectivity at scale across the US. Through our acquisition by Eaton Fiber, we are well positioned, with our wealth of knowledge on operating wholesale networks, to accelerate our mission of connecting millions of homes and businesses to reliable, future-proof fibre for generations to come.”
The transaction is expected to close before the end of 2026, subject to customary closing conditions and regulatory approvals.
