This article reports the results of an in-depth study of the merger integration process involving five operating companies in the Italian telecommunications industry. The article has important implications for research and practice. Specifically, it suggests that mergers and acquisitions results are related to the quality of the post-acquisition restructuring and integration process. The article also describes how the Italian Telecom merger was carried out and shows that integration and business redesign took place simultaneously. © 1998 Elsevier Science Ltd. All rights reserved.