In a move that realigns the powers-that-be in the truck leasing and renting industry, Reading PA-based Penske Truck Leasing is buying Wilmington DE-based Rollins Truck Leasing Corp. The deal alters the leasing and renting landscape, amounting to a merger between the numbers two and three leasing companies that serve the trucking industry.
The acquisition will be made in a cash tender offer of $13 for each outstanding share of Rollins' common stock. It was approved by Rollins' board of directors recently.
Penske will acquire Rollins' 270 locations in the United States and Canada, along with its leasing and renting fleet of 53,000 vehicles. Penske operates a fleet of 152,000 vehicles, and has 750 locations in the United States, Canada, Mexico, South America, and Europe.
The companies did not say if the Rollins brand would be absorbed by Penske.