Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 42

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 42
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 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 Essential board on October 26, 2025 to evaluate and approve the merger agreement and the 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 transactions that might be available to Essential. Moelis’ opinion does not constitute a recommendation as to how any holder of securities of Essential or American Water should vote or act with respect to the merger or any other matter.

For more information regarding the opinion of Essential’s financial advisor, see “The Merger—Opinion of Essential’s Financial Advisor” beginning on page 90. See also Annex C to this joint proxy statement/prospectus.

24

Governance of American Water After the Merger

Prior to the effective time, American Water will take all necessary action to increase the size of the American Water board such that at the effective time,
the American Water board will be