Penske Truck Co. To Buy Rollins
Jan. 16, 2001
READING, Pa. (AP) _ Penske Truck Leasing Co. has agreed to acquire Wilmington, Del.-based Rollins Truck Leasing Corp. for approximately $754 million.
The deal announced Monday unites the nation's second-largest truck leasing and rental company, Penske, with the third-largest, Rollins. Ryder is the No. 1 truck leasing company.
Penske, based in Reading, will pay $13 per share to acquire all outstanding shares of Rollins. Rollins closed Friday at $8.44 per share.
The Rollins board of directors has approved the agreement.
Penske has annual revenues of $2.7 billion. The company operates more than 152,000 trucks and serves customers from approximately 750 locations in the United States, Canada, Mexico, South America and Europe.
Rollins services more than 53,000 vehicles from about 270 locations in the United States and Canada. It had $720 million in revenues for the fiscal year ending Sept. 30.
Founded in 1988, Penske Truck Leasing is a joint venture between GE Capital and Detroit-based Penske Corp., which is headed by race-car legend Roger Penske.
Rollins was founded in 1954 by trucking tycoon John W. Rollins Sr., a former lieutenant governor of Delaware.
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