Nippon Express Holdings Inc. is in talks to buy Austrian logistics provider Cargo-Partner GmbH, people with knowledge of the matter said. 

The parties are negotiating terms of a potential deal and may reach an agreement as soon as the coming weeks, the people said, asking not to be identified as the information isn’t public. Vienna-based Cargo-Partner could fetch more than $1 billion, according to the people. 

Cargo-Partner is working with advisers on a potential sale, Bloomberg News reported last year. No final decisions have been made, and talks could fall apart or another buyer could emerge, the people said. 

A representative for Cargo-Partner declined to comment, while calls to Nippon Express’s office weren’t answered outside regular business hours in Japan. 

Cargo-Partner was founded in Vienna in 1983 and offers sea and air freight services, warehousing and supply chain management. It employs about 4,000 people and reported turnover of more than €2 billion ($2.2 billion) last year, according to its website. 

Established in 1937, Tokyo-based Nippon Express operates an integrated freight service spanning ocean, air, rail and other transportation modes. The company reported net income of ¥109.8 billion ($819 million) in 2022 and expects profit to drop this year due to factors including a slowdown in global economic growth. 

The Japanese firm is considering a spinoff of its heavy haulage and construction business, it said earlier this month.