Bain Capital and Tillman Global Holdings have completed their previously announced $1.5 billion investment in Eaton Fiber, alongside Eaton Fiber’s acquisition of Ripple Fiber.
The transactions provide Eaton Fiber with long-term capital and an expanded operating platform to accelerate the deployment of fiber infrastructure supporting Verizon’s expansion into more than one million locations outside its existing fiber footprint.
Eaton Fiber and Verizon operate under a commercial partnership in which Eaton Fiber finances, builds, maintains, and operates the underlying fiber network. Verizon serves as the exclusive retail provider of residential and small business fiber services running over the infrastructure.
As part of the transaction closing, Verizon acquired the majority of Ripple Fiber’s existing customers. Those customers are expected to transition to Verizon’s fiber broadband platform over time while maintaining uninterrupted service.
Verizon also acquired certain Ripple Fiber network assets in North Carolina and South Carolina. Ripple Fiber was founded in 2021 and has developed a 10-gig fiber-optic network serving homes and businesses across 10 states and nearly 300 municipalities.
Ripple Fiber’s existing shareholders, Platform Investment Partners and KLT, will continue investing in Eaton Fiber alongside Tillman Global Holdings and Bain Capital.
Tillman established Eaton Fiber as a wholesale fiber infrastructure platform focused on developing, owning, and operating high-capacity networks. The company provides network infrastructure designed to help communications providers expand broadband availability and next-generation connectivity across the U.S.
The completed investment gives Eaton Fiber additional capital and infrastructure capabilities as it works with Verizon to extend fiber broadband service into markets beyond Verizon’s existing footprint. Bain Capital, which has approximately $225 billion in assets under management, is investing alongside Tillman and Ripple Fiber’s existing shareholders as the platform scales nationally.
