Nippon Express Holdings has completed a strategic minority investment in TCS Logistics (Private) Limited, one of Pakistan’s largest and most established logistics companies. NX South Asia & Oceania Co., Ltd., a subsidiary of the Japan-based NX Group, executed the transaction on 2 February 2026. This cross-border deal marks a significant development in foreign direct investment into Pakistan’s logistics sector.
Founded in 1983 and headquartered in Karachi, the TCS Group ranks among Pakistan’s leading logistics conglomerates. TCS Logistics operates a nationwide infrastructure spanning domestic land transportation, warehousing and distribution, and international overland transport connecting Central Asia to overseas destinations via the Port of Karachi. The NX Group, with operations in over 50 countries, will leverage TCS Logistics’ domestic network and customer base to expand its capabilities in a market of over 250 million people.
RIAA Barker Gillette acted as Pakistan law counsel to Nippon Express, working alongside Japan’s Nishimura & Asahi — a fellow Lex Mundi member firm. The firm conducted detailed legal due diligence and advised on the structuring, negotiation, and execution of core transaction documents. These included a shareholders’ agreement, share subscription agreement, and share purchase agreement, reflecting a carefully balanced framework governing ownership, management rights, and future operations.
Additionally, competition law approvals formed a critical component of the deal. RIAA advised Nippon Express on obtaining pre-clearance and an exemption from the Competition Commission of Pakistan, ensuring compliance with applicable laws and enabling the transaction to proceed without regulatory delay.
“This transaction reflects the growing confidence of international logistics players in Pakistan’s market fundamentals,” said Bilal Shaukat, Managing Partner at RIAA Barker Gillette. “We advised Nippon Express on all aspects of this complex cross-border investment, from due diligence through to regulatory approvals and execution.”
“This transaction reflects the growing confidence of international logistics players in Pakistan’s market fundamentals,” said Bilal Shaukat, Managing Partner at RIAA Barker Gillette. “Working with Nishimura & Asahi through our shared Lex Mundi network, we advised Nippon Express on all Pakistan law aspects of this complex cross-border investment.”
The transaction has now completed, and RIAA continues to support Nippon Express on post-acquisition regulatory and compliance matters.
Our team was led by Bilal Shaukat (Managing Partner – Pakistan) and included Ahsan Amir (Associate).
For advice on cross border M&A transactions in Pakistan’s logistics section, contact Bilal Shaukat today.
This article is not legal advice; it provides information of general interest about current legal issues.
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RIAA Barker Gillette is Pakistan’s premier law firm, with an on-the-ground presence in three major cities in Pakistan: Karachi, Islamabad and Lahore, and affiliated offices in Dubai (DIFC) and London.
The firm practices in all areas of corporate, commercial and dispute resolution law. Leading international legal directories consistently recognise the firm as a top-tier law firm in Pakistan.
RIAA Barker Gillette is the exclusive member firm in Pakistan for Lex Mundi, the world’s leading network of independent law firms with in-depth experience in over 125 countries worldwide.
