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The seven-year deal has been awarded to Balfour Beatty Living Places following a joint procurement by Warwickshire County Council, Coventry City Council and Solihull Metropolitan Borough Council.
The contract will run from May 2026 to May 2033 and can be extended by up to a further six years, taking the potential end date to 2039.
Balfour beat rival bids from M Group Highways and Ringway Infrastructure Services.
Under the arrangement, Balfour Beatty Living Places will take responsibility for maintaining and improving the combined highway networks across Warwickshire, Coventry and Solihull, covering roads, structures and associated assets.
The authorities said the combined approach is designed to drive better value for money, improve network condition, enhance road safety and reduce disruption to road users, while also cutting environmental impact.
The standstill period runs until 19 January, with the contract expected to be signed in early February ahead of a May start on site.