The films of single-walled carbon nanotubes (SWCNTs) are a promising material for flexible transparent electrodes, which performance depends not only on the properties of individual nanotubes but also, foremost, on bundling of individual nanotubes. This work investigates the impact of densification on optical and electronic properties of SWCNT bundles and fabricated films. Our ab initio analysis shows that the optimally densified bundles, consisting of a mixture of quasi-metallic and semiconducting SWCNTs, demonstrate quasi-metallic behavior and can be considered as an effective conducting medium. Our density functional theory calculations indicate the band curving and bandgap narrowing with the reduction of the distance between nanotubes inside bundles. Simulation results are consistent with the observed conductivity improvement and shift of the absorption peaks in SWCNT films densified in isopropyl alcohol. Therefore, not only individual nanotubes but also the bundles should be considered as building blocks for high-performance transparent conductive SWCNT-based films.