A combined VCF file sometimes opens blank when the merge was not done in the right vCard structure. This happens a lot when contacts come from different places like Gmail, Outlook, Android, iPhone or old phone backups. One file may be vCard 2.1, another may be 3.0 or 4.0 and some contact apps fail to read the final file properly.
Also check if the merged file has broken BEGIN:VCARD and END:VCARD tags, wrong encoding, empty contact fields or was saved as plain text with the wrong extension.
For mixed contact files, TrustVare Contacts Manager is a better option because it can merge multiple VCF files locally on Windows and supports common vCard versions. You can save the final file at your chosen location and test the free demo with the first 25 contacts before processing the full address book.
Before importing, open the merged VCF in a test contact app and compare the contact count.