Nippon Express Holdings to acquire Metro Supply Chain for Up to C$2.2B

On April 17, 2026, Nippon Express Holdings, Inc. (“Nippon Express”) announced that it had entered into a share purchase agreement to acquire all of the issued and outstanding shares of Metro Supply Chain Group Inc. (“Metro Supply Chain”) from LDC Metro Holdings Inc. and CDP Investissements Inc. for an enterprise value of C$1.8 billion, subject to customary adjustments, with an additional earn‑out payment of up to C$400 million, payable in cash upon the achievement of certain financial targets. The transaction will be completed through a Canadian special purpose company that is a wholly owned subsidiary of Nippon Express and is expected to close between July 2026 and December 2026, subject to customary regulatory approvals and closing conditions.

Metro Supply Chain is a Canadian third‑party logistics business with operations across Canada, the United States, and the United Kingdom. Its services span multiple sectors, including retail, consumer goods, automotive and manufacturing, healthcare and wellness, technology and services, and the public sector.

Nippon Express is a publicly listed global logistics group headquartered in Japan, with operations in more than 50 countries.

McCarthy Tétrault LLP is advising Nippon Express with a team led by Sean O’Neill, Chrystelle Chevalier‑Gagnon, and Clemens Mayr that includes Laurence Cromp‑Lapierre, Laura Fabi, Connor O’Brien, Brianna Bernhardt, and Julia Buggé (M&A), Jason Gudofsky, Casey Halladay, and Sam Steeves (Regulatory), Christian Meighen, Geneviève D. Favreau, Marc‑Philippe Gagnon, and Emma Murrin (Tax), Martha Harrison and Gajan Sathananthan (International Trade & Investment), Marjolaine Hémond‑Hotte, Jason Phelan, and Grace Nguebou (Banking & Financial Services), Brian Allen Lipson (Transportation and Logistics), Francis L. Racine, Marco Fimiani, Carolyn Denault, Chris Boettcher, Dominique Grégoire, and Jessica Hoskins (Labour & Employment), Charles Morgan, Karen Chow, and Jerry Lan (Intellectual Property), Eugen Miscoi (Privacy), Marie‑Josée Marcoux and Xin Yue Zhang (Real Property & Planning), Julie Belley‑Perron and Solveig Ménard‑Castonguay (Environmental), Julia Miller (Pension, Benefits and Executive Compensation), and Shane D’Souza and Audrey‑Anne Delage (Litigation).