Yes, it is possible, but it is not so easy. You need to fill Request for Transfer of a Partial Microsoft Dynamics License. You need to do this via your Microsoft Dynamics Partner and Regional Operations Center.
Transfers can only take place between license which are on the same License Model Product and Edition Line. Transfer are not allowed from e.g. Advanced Management to MS Dynamics Perpetual. You also have to have active BREP for both companies.
The transfer of users or modules will only be permitted if they are available on the price list of the license that they are being transferred to.