If it’s just two nodes you’re merging, cutting the first and then right-clicking on the second will give you a Merge Into Selected Node option. The new node will be given the name of the node you are merging into.

If there are more than two nodes you are merging however, select all the nodes concerned and right-click. Choose the Create as > Create as Node option. You will then need to select the location you wish to create the node and name it as required.