Is it possible to move time machine backups from one external drive to another external drive?

I recently bought a new MacBook pro retina and sold my old MacBook Pro. I have time machine backups on a 500gb external hard drive from my old MacBook, but decided to purchase a new 2tb external for my new pro to use as a hub. Is there anyway to transfer the time machine backups from the 500gb external to the 2tb external?

Could I connect both externals to the new MacBook Pro and simply move the old time machine backup files from the 500gb to the 2tb? Would that work? Thanks!