Metro Supply Chain is being acquired by Japan-based Nippon Express Holdings Inc. in a deal valued at up to $2.2 billion, marking one of the larger recent transactions in the North American logistics sector.

The Montréal-headquartered company announced that its majority shareholder, LDC Metro Holdings Inc., along with La Caisse, has entered into a definitive agreement to sell the business to the global logistics provider, known as NX Group.

The transaction is subject to regulatory approvals and is expected to close in the coming months. Metro Supply Chain will continue operating as usual until the deal is completed.

Founded more than 50 years ago, Metro Supply Chain has grown from a single warehouse in Montréal into a major supply chain player with operations across Canada, the U.S., and the U.K. The company employs about 9,000 people and operates more than 190 sites, totaling roughly 22.5 million sq.-ft.

Under the terms of the agreement, NX Group has committed to maintaining Metro’s management team and keeping its headquarters in Montréal. Day-to-day operations will remain under local leadership, and there are commitments not to materially reduce the Québec-based workforce or relocate key management roles.

Metro Supply Chain CEO Chris Fenton said the deal provides access to greater scale and investment while preserving continuity for customers.

“Our leadership remains in place, and our focus continues to be on delivering for our customers,” he said, noting there will be no immediate changes to service or existing agreements.

NX Group said in a release that the acquisition strengthens its North American footprint and complements its global logistics network, which spans more than 50 countries. The Tokyo-listed company offers air, sea, rail, and truck transportation services, along with contract logistics and integrated supply chain solutions.

Satoshi Otsuji, senior managing executive officer at Nippon Express Holdings, said Metro’s capabilities and customer relationships make it a strong strategic fit.