Intune License ownership and management

Hi All,

Can you pls advise me on the following scenario
x=Customer
y=Service provider
“x” vendor has already procured and owning m365 license
Now, “y” service provider wants to take ownership and provide services including all m365 license
is it possible to transfer license from “x” to “y” ? if not, should “y” acquire new M365 license and request “x” to cancel existing license
Which is the best way that “y” can adopt to provide service to “x”
Kindly share your advise
Thanks in Advance