Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 41

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 41
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 of the factors considered by the Essential board in reaching its decision to approve the merger agreement and the consummation of the
transactions contemplated by the merger agreement, including the merger, see “The Merger—Essential Board’s Recommendations and Its Reasons for the Merger” beginning on page 70.

Opinions of Financial Advisors

Opinion of American Water’s Financial Advisor

American Water retained BofA Securities to act as a financial advisor to American Water in connection with the merger. BofA Securities is an internationally
recognized investment banking firm which is regularly engaged in

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the valuation of businesses and securities in connection with mergers and acquisitions, negotiated underwritings, secondary distributions of listed and unlisted securities, private placements and
valuations for corporate and other purposes. American Water selected BofA Securities to act as a financial advisor to American Water in connection with the merger on the basis of BofA Securities’ experience in transactions similar to the
merger, its reputation in the investment community, and its familiarity with American Water and its business.

On October 24, 2025, at a meeting of
the American Water board held to evaluate the merger, representatives of BofA Securities delivered to the American Water board the oral opinion of BofA Securities, which was confirmed by delivery of a written opinion dated October 24, 2025, to
the effect that, as of the date of such opinion and based on and subject to the factors and assumptions set forth in the written opinion, the exchange ratio provided for in the merger was fair, from a financial point of view, to American Water.

The full text of BofA Securities’ written opinion to the American Water board, which describes, among other things, the assumptions made, procedures followed, factors considered, and limitations on the review undertaken, is attached as Annex B to this joint proxy statement/prospectus and is incorporated by reference herein in its entirety. BofA Securities delivered its opinion to the American Water board for the benefit and use of the American Water board (in its capacity as such) in connection with and for purposes of its evaluation of the merger. BofA Securities expressed no opinion or view as to any terms or other aspects or implications of the merger (other than the exchange ratio to the extent expressly specified in such opinion) and no opinion or view was expressed as to the relative merits of the merger in comparison to other strategies or transactions that might be available to American Water or in which American Water might engage or as to