Mergers and acquisitions (M&As) may cause dramatic changes ina business network whichin turn affect managerial cognition aswell as managerial activities. We use the concepts of ‘network pictures’ and ‘networking’ to illustrate and analyse changes in managerialsense-makingand networkingactivities following an M&A. The paper focuses on the merging parties and those companieswith which they have direct customerrelationships. Based on three case studies comprising eight M&As, we show that managers may need to adapt theirprevious network pictures in a radical way following an M&A, but that these adaptations are not always realised as shifts in network pictures and adjustments in networking activities byall managers involved. Furthermore, whereas the merging parties’ network pictures and networking activities are largely driven by their perception of customers’ needs anddevelopments, it is not certain that the M&As are enacted accordingly. The paper contributes to the understanding of M&As from a network perspective and to the conceptual interdependence of the constructs of network pictures and networking in a multi-actor situation.