The National Authority for Markets and Competition (CNMC) consolidated in 2015 after a merger process that started in late 2013. The institution integrates competition and sectoral regulation authorities (energy, telecoms, transport, postal and audiovisual) in order to exploit economies of scale and scope, and to pool the knowledge, expertise and experience of the previous institutions. The new design makes it possible for the CNMC to internalise the debate between competition and regulation thanks to a comprehensive analysis of complex problems that demand coordinated solutions that include ex ante and ex post actions. The results are more coherent and decisions better grounded thanks to a single decision body. Even if there is still room to further reinforce the synergies and to establish a common culture, we consider that the merger has been successful and that the new institutional framework works properly.