Penske Truck Leasing to buy Rollins for $754 million US

READING, Pa. (Jan. 16, 2001) — Penske Truck Leasing Co. LP, has agreed to acquire Rollins Leasing Corp. for $13 US a share in cash, or a total of about $754 million.

In a statement issued yesterday, Penske said the Rollins board of directors unanimously approved deal, which unites two of the largest truck rental and leasing organizations in North America.

Rollins manages more than 53,000 vehicles under various lease and maintenance agreements from approximately 270 locations in the U.S. and Canada.

Penske Truck Leasing operates more than 152,000 heavy-, medium-, and light-duty trucks and serves customers from approximately 750 locations in the United States, Canada, Mexico, South America, and Europe.

The acquisition is subject to regulatory approval and customary closing conditions.

Rollins has four offices in Canada, primarily in the Toronto area. Penske expanded its presence in Canada last year with the acquisition of Rentway Ltd.