Worth reading
69In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
1800
CAD million (enterprise value)Wording
Conditional
How definitive the wording is.This transaction
Acquisition of shares in Metro Supply Chain GroupCounterpartyLDC Metro Holdings Inc., CDP Investissements Inc.
Disclosing companyNIPPON EXPRESS HOLDINGS,INC.
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
Execution Date / Effective DateShare acquisition completion date: 1 October 2026 (Canada time); merger effective date: 1 November 2026 (Canada time) (scheduled)
Target company
3PL (third-party logistics) business
Location Montreal, Quebec, CanadaShare capital CAD 266.364 million (¥30,632 million)Date of incorporation 1974
Net SalesCAD 1,377,189 thousand (¥158,377 million), fiscal year ended September 2025
Operating profitCAD 56,433 thousand (¥6,490 million), fiscal year ended September 2025
Net income for the current fiscal yearCAD 2,196 thousand (¥253 million), fiscal year ended September 2025
Net assetsCAD 139,308 thousand (¥16,020 million), fiscal year ended September 2025
Consideration and expenses
Acquisition priceEnterprise value: CAD 1,800 million (¥207,000 million)
Type of ConsiderationCash (the disclosure states that up to CAD 400 million will be paid in cash as an earn-out)
Impact on Business Performance
The impact on the Company's consolidated results for the fiscal year ending December 2026 is currently under review.
Procedures and assumptions
Conditions Precedent to ExecutionPayment of an earn-out of up to CAD 400 million is conditional on the target company achieving certain financial metrics stipulated in the share transfer agreement.
Management structure after acquisition18268738 Canada and Metro Supply Chain Group will merge on 1 November 2026 (Canada time) (scheduled), and the surviving company's trade name will be Metro Supply Chain Group Inc. Treatment of employees and representative: not disclosed
| Item | Details |
|---|---|
| Transaction name | Acquisition of shares in Metro Supply Chain Group |
| Counterparty name | LDC Metro Holdings Inc., CDP Investissements Inc. |
| Name of the Subject Company | Metro Supply Chain Group Inc. |
| Business Description of the Subject Company | 3PL (third-party logistics) business |
| Location of the Subject Company | Montreal, Quebec, Canada |
| Capital Stock of the Subject Company | CAD 266.364 million (¥30,632 million) |
| Date of Establishment of the Subject Company | 1974 |
| Net Sales of the Subject Company | CAD 1,377,189 thousand (¥158,377 million), fiscal year ended September 2025 |
| Operating Profit of the Subject Company | CAD 56,433 thousand (¥6,490 million), fiscal year ended September 2025 |
| Net Income of the Subject Company | CAD 2,196 thousand (¥253 million), fiscal year ended September 2025 |
| Net Assets of the Subject Company | CAD 139,308 thousand (¥16,020 million), fiscal year ended September 2025 |
| Acquisition price | Enterprise value: CAD 1,800 million (¥207,000 million) |
| Type of Consideration | Cash (the disclosure states that up to CAD 400 million will be paid in cash as an earn-out) |
| Number of shares acquired | 11,754,647 shares (100.0% of voting rights) |
| Voting rights ownership percentage | Before 0.0% → after 100.0% |
| Impact on Business Performance | The impact on the Company's consolidated results for the fiscal year ending December 2026 is currently under review. |
| Execution Date / Effective Date | Share acquisition completion date: 1 October 2026 (Canada time); merger effective date: 1 November 2026 (Canada time) (scheduled) |
| Conditions Precedent to Execution | Payment of an earn-out of up to CAD 400 million is conditional on the target company achieving certain financial metrics stipulated in the share transfer agreement. |
| Management structure after acquisition | 18268738 Canada and Metro Supply Chain Group will merge on 1 November 2026 (Canada time) (scheduled), and the surviving company's trade name will be Metro Supply Chain Group Inc. Treatment of employees and representative: not disclosed |
Items this document does not state (13)
Expenses other than the acquisition priceMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Date of board resolutionContract DateValuation methodologyIndependent valuation institutionSpecial Committee
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Metro Supply Chain Group is described as having an operating base centered in Canada, the United States and the United Kingdom and as operating a contract logistics business across a broad range of areas, but no explicit acquisition rationale was stated.
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