This study investigates how digital transformation unfolds over time within a multi-business manufacturing firm. Drawing on a longitudinal case study of SweX-a global industrial firm-we trace the dynamics of digital transformation across three empirically derived phases: experimentation, consolidation, and acceleration. Five interrelated patterns shape the process: (1) digital transformation unfolds recursively rather than linearly; (2) tensions arise between corporate strategy and business unit adaptation; (3) monetizing digital innovation remains challenging; (4) structural adjustments are needed to balance stability and change; and (5) temporal asymmetry-misalignments between technology deployment and customer readiness-can hinder digital transformation. We organize these insights around three overarching themes-organizational tension, structural adjustment, and organizational adaptation-developed through iterative analysis across corporate and business unit levels. The study advances process-oriented perspectives on strategy by showing how recursive patterns of tension, structural change, and organizational adaptation drive digital transformation in complex, multi-level firms.