Penske Truck Leasing, based in Reading, Pa., has agreed to acquire Rollins Truck Leasing, Wilmington, Del., for $754 million.

The acquisition will be made in a cash tender offer of $13 for each outstanding share of Rollins' common stock.
"We are excited about the tremendous opportunity this purchase creates for both companies," said Roger Penske, chairman, Penske Truck Leasing.
Rollins Truck Leasing is a national full-service truck leasing and rental company, which services 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. Product lines include full-service leasing, contract maintenance, commercial and consumer rental, integrated logistics services and supply chain management.
The acquisition is subject to regulatory approval and customary closing conditions.