American Tower Corporation (ATC) CEO Steven Vondran has been elected to the board of directors of Ameren Corporation, a leading utility company. With his $20 million annual income from ATC, Vondran doesn’t need a side hustle to make ends meet. Since his current job leaves little time for distractions, there’s a possibility that he may be going after Ameren’s towers, which Diamond Communications currently manages. If he’s successful, it opens up the opportunity for ATC to acquire up to over 4,300 strategically located towers from other utility providers. Or could Vondran want to assist Ameren with its grid modernization with a private LTE network — if ATC is intimately involved?
Steven O. Vondran, CEO of American Tower Corporation—one of the world’s largest owners of communications infrastructure—has accepted a director position on Ameren Corp’s board, effective January 1, 2025. While Ameren praised Vondran’s leadership and expertise in real estate, a closer look raises intriguing questions.
Could Vondran’s interest in Ameren be tied to the company’s portfolio of communications towers—assets currently marketed by one of American Tower’s smaller competitors, Diamond Communications, which owns 1,114 towers and is the eighth largest towerco in the US?
Ameren owns over 150 communications towers across Missouri and Illinois, valued at $80 million or more. With Diamond Communications handling colocation and marketing for these towers, the arrangement feeds directly into a competitor’s pocket. For American Tower—a company constantly seeking to expand its infrastructure assets—acquiring these towers could be a logical move.
Therefore, Vondran’s appointment to Ameren’s board may be less about helping a Fortune 500 utility company navigate growth since Ameren’s stock has fared 33% better than American Tower’s shares this year and more about positioning American Tower to eventually take over Ameren’s tower portfolio and its new builds.
The Ameren-Diamond deal: An asset up for grabs?
Ameren partnered with Diamond Communications to manage and market its communications towers and colocation opportunities, a strategy common among utility companies that see their infrastructure as a revenue stream. In its announcement, Diamond highlighted:
Ameren has 100,000+ transmission and 150+ communications towers in key cities such as St. Louis, Kansas City, and Springfield.
Quicker deployment timelines thanks to streamlined approvals and existing carrier master lease agreements (MLAs).
For Diamond, Ameren’s portfolio is a strategic win. However, for American Tower, a dominant force in the global tower market, the sight of valuable infrastructure managed by a competitor likely raises eyebrows.
Last year, Diamond said that more than 200 new communication towers were being constructed to support Ameren’s network. It is unknown if they have been erected and are part of Diamond’s portfolio.
Industry perspectives: A strategic play or a conflict?
“American Tower has a clear playbook—acquire, consolidate, and optimize assets to drive shareholder value. Vondran joining Ameren’s board places him inside a company with towers that perfectly fit American Tower’s growth strategy,” says a senior site acquisition director. “If an acquisition is in the cards, this move gives Vondran firsthand insights into Ameren’s operations and assets.”
“Utility companies are becoming more attractive in the wireless infrastructure sector because their towers are already built and often located in prime areas,” explains a wireless infrastructure contractor familiar with utility colocations. “But having Diamond Communications market Ameren’s towers makes it tougher for American Tower to get its hands on them. Vondran might be looking to change that dynamic.”
With Diamond Communications actively managing Ameren’s tower program, Vondran’s new role may signal an internal push to convince Ameren’s leadership to reconsider the partnership or sell the assets outright.
Why would Vondran Join Ameren?
At face value, Vondran has little to gain professionally or financially. His $125,000 annual cash retainer of $125,000 and an annual grant of Ameren common stock valued at $170,000 pales compared to his $20 million CEO salary at American Tower, the highest salary for a towerco CEO. Furthermore, his leadership demands at a Fortune 500 company with over $11 billion in revenue leave little time for distractions.
However, Ameren’s assets—particularly its communications towers—are a strategic fit for American Tower’s business model. Utility-owned towers, with favorable permitting and prime locations, are increasingly valuable as carriers race to densify their networks for 5G and beyond.
The Question: Why would Vondran assist Ameren when its success currently benefits Diamond Communications, a competitor in tower marketing and colocation?
This perceived conflict could lead industry observers and shareholders to wonder:
Ameren’s communications towers represent an untapped revenue stream. Partnering with Diamond has allowed it to generate income from its assets without direct investment. However, a sale to a major player like American Tower could provide Ameren with significant upfront capital, which is a scenario that may explain Vondran’s interest.
The Ameren Board appointed Vondran to the Finance Committee. During 2024, Ameren’s stock increased 17.47% while American Tower’s shares lost $15.52%.
Or could guidance on Ameren’s private LTE be the motivator for selecting Vondran?
In 2021, Ameren booked its digital future with a private broadband network when they signed a 30-year agreement to lease spectrum from Anterix for a private broadband LTE network to provide critical communications services.
The deal could directly benefit ATC by increasing the need for towers. Utility companies like Ameren, deploying private networks to support grid modernization and critical communications, will require reliable coverage across their service areas, particularly in rural and remote regions.
LTE networks rely on robust infrastructure for backhaul connectivity and low-latency communication, which American Tower’s assets can support.
American Tower can capitalize on these infrastructure investments by offering solutions to utilities transitioning to data-driven, resilient networks.
Additionally, utilities using private LTE systems to expand rural broadband access could further drive demand for tower infrastructure. The Anterix deal signals a shift toward long-term private network adoption in critical sectors, positioning American Tower to diversify its customer base, tap into emerging markets, and play a central role in enabling the utility sector’s digital transformation.
Last year, Ameren proposed erecting a 199-foot telecommunications tower and enclosed equipment area in Wildwood, Missouri, seeking a conditional use permit (CUP) to construct a private LTE network.
According to Collective Solutions, which represents Ameren, the utility company operates on private networks owned by Verizon, AT&T, and T-Mobile. However, it has outgrown the number of devices it can use on those networks.
In addition to Ameren, Collective Solutions listed all the significant towerco clients, but Diamond was omitted.
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