We present a theory on the coalescence of 2 spherical liquid droplets that are initially stationary. The evolution of the radius of a liquid neck formed upon coalescence was formulated as an initial value problem and then solved to yield an exact solution without free parameters, with its 2 asymptotic approximations reproducing the well-known scaling relations in the inertially limited viscous and inertial regimes. The viscous-to-inertial crossover observed in previous research is also recovered by the theory, rendering the collapse of data of different viscosities onto a single curve.