XPO Inc. has revived a sale of its European transportation business, according to people familiar with the matter, almost two years since it last scrapped the attempt to divest the operation.

The New York-listed logistics firm has been working with advisers, and sounding out potential buyers for the business, which includes truckload and freight forwarding services, the people said. The unit could fetch as much as $2 billion in a sale, one of the people said.

Deliberations are ongoing and XPO could decide to hold onto the assets for longer, said the people, who asked not to be identified because the information is private. A representative for XPO declined to comment.

Shares of XPO jumped as much as 7.7% on August 15, and touched the highest level in four months after the Bloomberg News report. The stock has risen more than 70% in the past year, giving the company a market value of about $14.4 billion.

XPO unveiled plans in 2022 to split its freight brokerage and North American trucking operations into two publicly traded companies, leaving it to focus on the less-than-truckload business of smaller shipments. The European business was to be unloaded through either a sale or listing on a European stock exchange, the company said at the time. Nine months later, XPO said it wouldn’t divest the European unit, citing weakened capital markets.

In 2023, XPO generated about 60% of its revenue in the U.S., with the rest coming from Europe, according to data compiled by Bloomberg.