Bain Capital leads $1.5bn in fiber infrastructure platform Eaton Fiber

• Eaton Fiber has also agreed to acquire Ripple Fiber, a Charlotte, North Carolina-based fiber-optic internet provider and network operator
• Ripple Fiber’s existing shareholders, Platform Investment Partners and KLT, will continue to back the Eaton Fiber platform alongside Tillman and Bain Capital
• 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

Bain Capital has led a $1.5 billion investment in Eaton Fiber, a New York-based fiber infrastructure platform established by Tillman Global Holding.

The capital infusion will be used to accelerate the expansion of Verizon fiber broadband across the US.

In connection with the investment, Eaton Fiber has agreed to acquire Ripple Fiber, a Charlotte, North Carolina-based fiber-optic internet provider and network operator.

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. Under the agreement, Eaton Fiber funds, builds, maintains, and operates the network while Verizon serves as the retail provider of residential and small business fiber services.

“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.”

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.

The transaction is expected to close before the end of 2026.

Eaton Fiber has secured committed debt financing in connection with the transaction from a syndicate led by Societe Generale and SMBC, alongside longstanding financing partner Future Standard Digital Infrastructure.

Lazard is serving as lead financial advisor to Ripple Fiber.