Steps to move from more than one company business unit to only one? What are the options?

Summary: We operate with 2 companies in Fusion.

Our corporate structure for company 1 and company 2 will be now merged into one. What are some options for the General Ledger on Oracle Fusion to make this happen?

1) We keep Company 1 Ledgers. We close of Company 2 Ledgers and add the Closing balances to Company 1?

2) We close off both ledgers and open a new ledger with both Closing balances are the opening balance? What are the implications here?