Bain Capital backs Eaton Fiber

Bain Capital has invested $1.5 billion in Eaton Fiber, a wholesale fiber infrastructure platform developed by Tillman Global Holdings, to accelerate the buildout of Verizon fiber broadband across the U.S. The investment fully funds the acquisition of Ripple Fiber, a 100% fiber-optic internet provider, in the first step of Eaton Fiber's buy-and-build strategy to bring Verizon fiber to over a million locations outside its current footprint.

Committed debt financing was provided by a syndicate led by Societe Generale and SMBC, alongside Future Standard Digital Infrastructure.

Under the agreement, Eaton Fiber will fund, build, maintain, and operate the network.

"“Fiber is the critical backbone of digital infrastructure required to meet the evolving needs of our customers and power the rapid expansion of AI,” said Dan Schulman, Verizon CEO.

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