Bain Capital and Tillman Global Holdings announced a $1.5 billion investment in Eaton Fiber, a Tillman affiliate, to expand Verizon fiber broadband across the United States. The investment was led by Bain Capital's Special Situations team.

As part of the transaction, Eaton Fiber has entered into a definitive agreement to acquire Ripple Fiber, a Charlotte, North Carolina-based fiber-optic network operator serving hundreds of thousands of homes and businesses across 10 states. The deal is intended to bring Verizon fiber broadband to over one million locations outside Verizon's (NYSE/Nasdaq: VZ) current fiber footprint.

Under the commercial arrangement between Verizon and Eaton Fiber, announced in October 2025, Eaton Fiber funds, builds, maintains, and operates the network. Verizon serves as the exclusive retail provider of residential and small business fiber services in those areas.

Verizon will acquire Ripple Fiber's existing customers, who will transition to Verizon's fiber broadband platform following closing. Verizon will also acquire a portion of Ripple Fiber's network assets in North Carolina and South Carolina adjacent to its existing footprint.

Ripple Fiber's existing shareholders, Platform Investment Partners and KLT, will continue as investors in the Eaton Fiber platform alongside Tillman and Bain Capital.

Eaton Fiber secured committed debt financing from a syndicate led by Societe Generale and SMBC, alongside Future Standard Digital Infrastructure. Lazard is serving as lead financial advisor to Ripple Fiber.

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