Cravath represented RWE AG and innogy SE in connection with innogy SE's €4.9 billion initial public offering of ordinary bearer shares, the largest IPO in Germany since 2000 and the fourth largest in the history of Germany. Formerly known as RWE International SE, innogy SE resulted from a carve-out of RWE AG's established electricity distribution and supply, retail and renewable energy divisions. The shares were listed on the Frankfurt Stock Exchange. The transaction closed on October 11, 2016.

In addition to the IPO, Cravath represented innogy SE on the placement of offer shares in the amount of €940 million with a cornerstone investor.

The Cravath team was led by partner Philip J. Boeckman and included associates Yannick Adler and Magdalena Biereder.