They had completed the merger on paper. What they had not done, what no one had done, was decide who they were now.
Two organizations with distinct histories, loyal stakeholders, and decades of separate culture were operating under one roof and one name. The legal work was finished. The organizational work had barely started.
The turning point was not the merger itself. It was the gap between a completed transaction and a shared identity, and the fact that the gap was widening quietly while everyone stayed busy.