Bain Capital leads Eaton Fiber $1.5bn investment for Verizon broadband build

Bain Capital Eaton Fiber financing totals $1.5 billion, with Bain Capital leading an investment in the New York-based fiber infrastructure platform established by Tillman Global Holding, according to PE Hub. The capital is intended to speed the expansion of Verizon fiber broadband in the US, linking private infrastructure funding with a major retail broadband provider.

The transaction adds another asset to Eaton Fiber’s platform. PE Hub reported that Eaton Fiber has agreed to buy Ripple Fiber, a Charlotte, North Carolina-based fiber-optic internet provider and network operator. Ripple Fiber’s current shareholders, Platform Investment Partners and KLT, will remain investors in Eaton Fiber alongside Tillman and Bain Capital.

Verizon is also part of the structure. In connection with the transaction, Verizon will acquire Ripple Fiber’s existing customers, who are expected to move to Verizon’s fiber broadband platform over time after closing, according to PE Hub. The deal is expected to close before the end of 2026.

What is the Bain Capital Eaton Fiber deal?

The deal combines a new $1.5 billion investment in Eaton Fiber with Eaton Fiber’s planned purchase of Ripple Fiber. It also connects Ripple Fiber’s customer base to Verizon, which will become the retail broadband platform for those customers after the transaction closes.

The investment follows a commercial agreement between Verizon and Eaton Fiber announced in October 2025, PE Hub reported. Under that arrangement, Eaton Fiber finances, builds, maintains and operates the fiber network, while Verizon sells residential and small-business fiber services to end users.

That structure is a wholesale fiber model: one company owns and operates the physical network, while another company provides the customer-facing broadband service. For investors, the model can separate capital-intensive network construction from retail sales and customer service, while giving the network owner an anchor commercial partner.

Why the financing structure matters

Angelo Rufino, head of North America special situations and head of corporate special situations in Europe at Bain Capital, said the US fiber market has reached a “critical inflection point.” He said higher rates and more restrictive capital markets have limited the ability of standalone fiber-to-the-premise platforms to add supply, even as demand for high-quality broadband continues to rise.

Rufino said wholesale fiber platforms have become the most capital-efficient way to address that gap at scale. He said Eaton Fiber combines a build engine with Verizon as a committed Tier 1 anchor partner.

The financing package also includes committed debt. PE Hub reported that Eaton Fiber secured debt financing from a syndicate led by Societe Generale and SMBC, with participation from existing financing partner Future Standard Digital Infrastructure.

Lazard is acting as lead financial adviser to Ripple Fiber, according to PE Hub.

• Bain Capital led a $1.5 billion investment in Eaton Fiber.
• Eaton Fiber agreed to acquire Ripple Fiber.
• Platform Investment Partners and KLT will keep backing the Eaton Fiber platform.
• Verizon will acquire Ripple Fiber’s existing customers and move them to its fiber broadband platform over time after closing.
• The transaction is expected to close before the end of 2026.

This story draws on original reporting from PE Hub.