Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 40

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 40
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 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 the underlying business decision of American Water to proceed with or effect the merger. BofA Securities’ opinion does not constitute a recommendation as to how any shareholder should vote or act in connection with the merger or any related matter.

For more information regarding the opinion of American
Water’s financial advisor, see “The Merger—Opinion of American Water’s Financial Advisor” beginning on page 80. See also Annex B to this joint proxy statement/prospectus.

Opinion of Essential’s Financial Advisor

At
the meeting of the