Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 138

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 138
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 Water on the merger) has pitched, is currently pitching, and/or will continue to pitch, additional investment and corporate banking services unrelated to the merger to Essential and its affiliates, but how much, if any, additional investment and corporate banking business and revenues will result from those efforts is subject to numerous factors beyond the control of BofA Securities and its affiliates. As of the close of trading on October 24, 2025, the date of BofA Securities’ opinion, BofA Securities and its affiliates held on a non-fiduciarybasis (i) shares of American Water common stock having a market value of approximately $50 million as of such date, representing less than 0.5% of the outstanding shares of American Water common stock as of such date and (ii) shares of Essential common stock having a market value of approximately $20 million as of such date, representing less than 0.5% of the outstanding shares of Essential common stock as of such date. Mr. Griffith, President and Chief Executive Officer of American Water, is a former Managing Director in BofA Securities’ Mergers and Acquisitions Group. Opinion of Essential’s Financial Advisor At the meeting of the Essential board on October 26, 2025 to evaluate and approve the merger agreement and transactions contemplated by the merger agreement, Moelis delivered an oral opinion, which was confirmed by delivery of a written opinion, dated October 26, 2025, addressed to the Essential board, to the effect that, as of the date of the opinion and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations set forth in the opinion, the exchange ratio was fair from a financial point of view to the holders of Essential common stock. The full text of Moelis’ written opinion dated October 26, 2025, which sets forth the assumptions made, procedures followed, matters considered and qualifications and limitations on the review undertaken in connection with the opinion, is attached as Annex C to this joint proxy statement/prospectus and is incorporated herein by reference. Moelis’ opinion was provided for the use and benefit of the Essential board (solely in its capacity as such) in its evaluation of the merger. Moelis’ opinion is limited solely to the fairness from a financial point of view of the exchange ratio to the holders of Essential common stock, and does not address Essential’s underlying business decision to effect the merger or the relative merits of the merger as compared to any alternative business strategies or