In this paper, we introduce a merged two-stage dc-dc power converter for low-voltage power delivery. By separating the transformation and regulation function of a dc-dc power converter into two stages, both large voltage transformation and high control bandwidth can be achieved. We show how the switched-capacitor stage can operate under soft charging conditions by suitable control and integration (merging) of the two stages. This mode of operation enables improved efficiency and/or power density in the switched-capacitor stage. A 5-to-1 V, 0.8 W integrated dc-dc converter has been developed in 180 nm CMOS. The converter achieves a peak efficiency of 81%, with a regulation stage switching frequency of 10 MHz.