Bain Capital and Tillman Global Holdings Announce $1.5 Billion Investment in Eaton Fiber to Power the Expansion of Verizon Fiber Broadband across the United States

Supported by the acquisition of Ripple Fiber, Eaton Fiber will bring Verizon fiber broadband to over a million locations outside Verizon's current fiber footprint over the next few years

BOSTON and NEW YORK - July 29, 2026 - Bain Capital and Tillman Global Holdings ("Tillman") today announced a $1.5 billion investment in Eaton Fiber, an affiliate of Tillman, to accelerate the expansion of Verizon fiber broadband through fiber network deployment across the United States. The investment, which was led by Bain Capital's Special Situations team, fully funds the acquisition of Ripple Fiber and the next phase of Eaton Fiber's network expansion.

In connection with the investment, Eaton Fiber has entered into a definitive agreement to acquire Ripple Fiber, a leading 100% fiber-optic internet provider and network operator. The acquisition is the first step in Eaton Fiber's buy-and-build strategy to bring Verizon fiber broadband to over a million locations outside Verizon's current fiber footprint through organic construction and disciplined acquisitions. Ripple Fiber's existing shareholders, Platform Investment Partners and KLT, will continue to back the Eaton Fiber platform alongside Tillman and Bain Capital.

The investment builds on the commercial agreement between Verizon and Eaton Fiber announced in October 2025, further advancing Verizon's broadband and mobility convergence strategy. Under the agreement, Eaton Fiber funds, builds, maintains, and operates the network. Verizon serves as the exclusive retail provider of residential and small business fiber services and is responsible for sales, marketing, and end-user customer service, expanding fiber broadband availability into new areas.

"The U.S. 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. We are excited to invest alongside Tillman and the Verizon teams to grow this platform and bring essential connectivity to markets with growing demand for fiber connectivity."

"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. "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 award-winning fiber broadband experience to more customers outside of our core footprint. We are excited to welcome Ripple Fiber's customers to Verizon and provide them with an outstanding customer experience from day one."

In connection with the transaction, Verizon will acquire Ripple Fiber's existing customers, who will transition to Verizon's fiber broadband platform over a period of time following closing, with uninterrupted service throughout the transition. Verizon will also acquire 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.

"This transaction marks an important milestone in the evolution of Eaton Fiber," said Sachit Ahuja, Co-President of Tillman and Co-Founder of Eaton Fiber. "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. Together, these steps position Eaton Fiber to further enhance its strong build momentum and expand its geographic reach."

"As a wholesale fiber network platform, we will do what we do best, working within communities to deliver state-of-the-art fiber connectivity at scale across the U.S. Through our acquisition by Eaton Fiber, we are well positioned, with our wealth of knowledge on operating wholesale networks, to accelerate our mission of connecting millions of homes and businesses to reliable, future-proof fiber for generations to come," said Greg Wilson, Founder and CEO, Ripple Fiber.

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

Eaton Fiber has secured committed debt financing in connection with the transaction from a syndicate led by Societe Generale and SMBC, alongside longstanding financing partner Future Standard Digital Infrastructure.

Lazard is serving as lead financial advisor to Ripple Fiber.

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About Eaton Fiber
Eaton Fiber is a wholesale fiber infrastructure platform established by Tillman Global Holdings to develop, own and operate high-capacity fiber networks. The company provides wholesale network infrastructure that enables communications providers to expand broadband availability and deliver next-generation connectivity to homes and businesses across the United States. For more information, visit eatonfiber.com.

About Ripple Fiber
Founded in 2021 by CEO Greg Wilson, Ripple Fiber® is a Charlotte, NC-based 100% fiber-optic network operator serving hundreds of thousands of homes and businesses. Powered by a 10-gig, 100% fiber-optic network, Ripple Fiber is redefining connectivity for communities across 10 states and nearly 300 municipalities while expanding access to reliable, future-proof internet. Ripple Fiber believes the biggest wave starts as a ripple. For more information, visit ripplefiber.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 2,000 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon's world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

About Tillman Global Holdings
Tillman Global Holdings is a U.S.-based holding company that builds and scales leading businesses in essential digital and energy infrastructure. Founded in 2013 by Sanjiv Ahuja, the firm operates with a long-term, operator-led approach, leveraging deep expertise and disciplined capital allocation to address evolving customer and connectivity needs. Tillman applies its hands-on management model to create robust infrastructure platforms that support economic growth and deliver long-term value across the territories in which it operates.

Tillman's current portfolio companies operate premier fiber networks, mobile tower platforms, hyperscale data centers, in-building connectivity systems, and energy infrastructure. For more information, visit tillmanglobal.com.
Tillman Global Holdings is a U.S.-based holding company that builds and scales leading businesses in essential digital and energy infrastructure. Founded in 2013 by Sanjiv Ahuja, the firm operates with a long-term, operator-led approach, leveraging deep expertise and disciplined capital allocation to address evolving customer and connectivity needs. Tillman applies its hands-on management model to create robust infrastructure platforms that support economic growth and deliver long-term value across the territories in which it operates.

Tillman's current portfolio companies operate premier fiber networks, mobile tower platforms, hyperscale data centers, in-building connectivity systems, and energy infrastructure. For more information, visit tillmanglobal.com.