Policy makers and university leaders are increasingly relying on university mergers to increase efficiencies, reduce costs, and leverage strengths to be more competitive. While research on university mergers is increasing, few studies employ methods that permit drawing causal inferences about the effects of mergers. This study uses a difference-in-differences approach to examine the effects of the Tampere University merger on staffing and finances. We also examine the effect of the merger on Times Higher Education (THE) university ranking data, including measures of the teaching environment, research outputs and reputation, citations, international outlook, and industry income (knowledge transfer). We find that the merger does not create staffing or financial efficiencies but is positively associated with measures that make up THE rankings.