The article analyzes the process and preliminary results of the consolidation of universities in Finland, which was undertaken as part of a reform of the country’s higher education sector, vis-a-vis the Russian experience in establishing the so-called «federal universities.» Factors that led to either positive or negative impacts on the outcomes of the Finnish reform are identified, revealing the approaches that are important for Russia to consider for its future university mergers. The research exploits empirical data and information related to the processes of the university-consolidation reforms in both countries. For the analysis of the Finnish case, interviews were conducted with the academic researchers who participated in discussions and negotiations that resulted in the establishment of new universities – Aalto, Turku, and Tampere. The study has revealed that one factor of positive influence is an approach where university mergers are just a part of a broader series of inter-related measures. Another critical factor is the establishment of feedback between the government agency that initiates the reform and the universities to be consolidated. Detailed negotiations of measures prior to the integration are found insufficient to guarantee a smooth transformation process. Comparison of the standings of the consolidated Finnish and Russian universities in international rankings reveals that the the results of mergers are not immediately obvious.