OTTAWA -- Canada Post Corp. has signed a deal to sell SCI Group Inc., its third-party logistics business, to Metro Supply Chain Inc.

Financial terms of the agreement were not immediately available.

Montreal-based Metro Supply Chain calls the deal a transformational acquisition that will strengthen its position in strategic contract logistics services.

SCI has more than 75 locations and employs about 3,000 people.

The deal comes after a detailed review and assessment of Canada Post's long-term strategic plan.

The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions.

This report by The Canadian Press was first published Jan. 9, 2024.