Eaton Fiber secures $1.5 billion for Verizon expansion

Eaton Fiber has secured a US$1.5 billion investment from Bain Capital and Tillman Global Holdings to support the expansion of Verizon’s fiber network and fund Eaton Fiber’s proposed acquisition of Ripple Fiber.

The investment backs Eaton Fiber’s "buy-and-build" strategy, which is aimed at bringing Verizon broadband to more than a million additional locations. The announcement also deepens a partnership structure under which Eaton Fiber builds and operates network infrastructure while Verizon manages the consumer-facing side of the business.

Expansion plan and Ripple Fiber deal

According to the announcement, Eaton Fiber’s proposed acquisition of Ripple Fiber is part of the broader expansion effort. Ripple Fiber’s existing shareholders, Platform Investment Partners and KLT, will continue to support the Eaton Fiber platform alongside Bain Capital and Tillman.

Sachit Ahuja, Co-President of Tillman and Co-Founder of Eaton Fiber, said the acquisition of Ripple Fiber meaningfully strengthens Eaton Fiber’s relationship with Verizon, while the partnership and long-term capital from Bain Capital provide additional resources to accelerate its fiber deployment.

A commercial agreement signed in October 2025 sets out Eaton Fiber’s role in funding, building, maintaining, and operating the fiber network. Verizon is responsible for residential and small business retail, sales, marketing, and end-user customer service.

Dan Schulman, Verizon Chief Executive Officer (CEO), highlighted the partnership as a capital-efficient model to extend Verizon’s fiber broadband experience outside its core footprint. He added that Verizon is excited to welcome Ripple Fiber’s customers and provide them with an outstanding customer experience.

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Financing and transaction details

The acquisition of Ripple Fiber is expected to result in Verizon acquiring Ripple Fiber’s existing customers over time once the deal closes. Verizon will also acquire a small portion of Ripple Fiber’s network and related assets adjacent to or partially within Verizon’s North Carolina and South Carolina footprint. The deal is expected to close before the end of 2026, subject to closing conditions.

Eaton Fiber has also secured committed debt financing tied to the transaction from a syndicate led by Societe Generale and SMBC, along with Future Standard Digital Infrastructure, described in the announcement as a longstanding financing partner. Lazard is serving as lead financial advisor to Ripple Fiber.

Angelo Rufino, Head of North America Special Situations and Head of Corporate Special Situations in Europe at Bain Capital, noted that wholesale fiber platforms, such as Eaton Fiber, have become a capital-efficient way to address higher interest rates and tighter capital markets that constrain supply for standalone fiber-to-the-premise platforms.

Greg Wilson, Ripple Fiber Founder and CEO, commented that as a wholesale fiber network platform, Ripple Fiber is well-positioned, with its wealth of knowledge on operating wholesale networks, to accelerate its mission of connecting millions of homes and businesses to reliable, future-proof fiber.

Fiber market outlook

The announcement comes amid rising demand for fiber optic networking tied to cloud computing, artificial intelligence (AI) applications, and greater network capacity needs. According to MarketsandMarkets, the US fiber optic market was valued at US$633.1 million in 2024 and is expected to grow to US$1.05 billion by 2029.

The investment in Eaton Fiber underscores what the announcement described as growing investment in core digital infrastructure to meet connectivity demands.

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