In 1943, under the wartime enterprise integration policy Rikujokotsu Jigyo Chosei-ho (Land Traffic Business Adjustment Act), the company incorporated Keihan Electric Railway and became Keihanshin Electric Express Railway (for details of the merger, please refer to "Unification of Hanshin Electric Express Railway and Keihan Electric Railway").
1943年、戦時企業統合政策（陸上交通事業調整法）により京阪電気鉄道を合併、京阪神急行電鉄となる（この経緯については阪神急行電鉄京阪電気鉄道の統合と分離も参照）。