Bain Capital and Tillman Global Inject $1.5 Billion into Eaton Fiber to Accelerate Verizon’s Fiber Expansion

Bain Capital and Tillman Global Holdings have announced a $1.5 billion investment in Eaton Fiber, a Tillman affiliate that is playing a pivotal role in Verizon’s fiber-optic network build-out. The deal marks one of the largest capital commitments to wholesale fiber infrastructure in the current market, reflecting a strategic shift toward capital-efficient models for broadband expansion.

The investment will directly support Verizon’s fiber growth plans and fully fund the acquisition of Ripple Fiber, a fiber-optic Internet provider, as well as the next phase of Eaton Fiber’s network expansion. Eaton Fiber is currently in the process of acquiring Ripple Fiber under a buy-and-build strategy designed to bring Verizon fiber broadband to more than a million locations beyond Verizon’s existing fiber footprint through organic construction and disciplined acquisitions.

Under the Eaton-Verizon agreement, Eaton Fiber funds, builds, maintains, and operates the network while Verizon serves as the exclusive retail provider of residential and small business fiber services. Verizon has significantly expanded its fiber footprint following its $20 billion Frontier Communications acquisition and had passed more than 17.1 million locations with fiber as of the first quarter of 2026. CEO Dan Schulman has set a medium-term target of reaching between 40 and 50 million locations.

“The US 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.”

Schulman added: “Fiber is the critical backbone of digital infrastructure required to meet the evolving needs of our customers and power the rapid expansion of AI. Expanding the reach of Verizon fiber is central to our growth and convergence strategy, and this partnership gives us a highly capital-efficient model to extend Verizon’s fiber broadband experience to more customers outside of our core footprint.”

As part of the transaction, Verizon will acquire Ripple Fiber’s customer base through Eaton Fiber’s acquisition, along with a small portion of Ripple Fiber’s network and related assets adjacent to or partially within Verizon’s existing fiber footprint in North Carolina and South Carolina. Sachit Ahuja, co-president of Tillman and co-founder of Eaton Fiber, called the deal “an important milestone in the evolution of Eaton Fiber,” noting that the acquisition strengthens the relationship with Verizon while Bain Capital’s long-term capital provides additional resources to accelerate fiber deployment and expand geographic reach.

Founded in 2021, New York-based Tillman designs, builds, and owns high-speed Internet infrastructure and is part of the Tillman Global Holdings portfolio created by Sanjiv Ahuja. The company appointed former Verizon technology chief Ed Chan as its CEO in June 2025. Separately, Verizon disclosed in its recent earnings call a $1 billion fiber deal with Google to connect the hyperscaler’s data centers, further underscoring the carrier’s aggressive fiber push.