PENSKE TRUCK CO. BUYS ROLLINS
Penske Truck Leasing Co., based in Reading, Pa., has announced that it will acquire Rollins Truck Leasing Corp., based in Wilmington, Del., for approximately $754 million.
Penske will pay $13 per share to buy all outstanding shares of Rollins. Last Friday, Rollins closed at $8.44 per share.
Penske operates more than 152,000 trucks from 750 locations in the U.S., Canada, Mexico, South America, and Europe. Founded in 1988, Penske Truck Leasing is a joint venture between GE Capital and Penske Corp., based in Detroit.
Rollins services more than 53,000 vehicles from 270 locations in the U.S. and Canada.
