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Penske Truck Leasing has agreed to acquire another leader in the field, Rollins Truck Leasing (), the companies announced Monday.

The acquisition will be made in a cash tender offer of $13 for each outstanding share of Rollins' common stock, valuing Rollins at $754 million. The Rollins board has unanimously approved the agreement.

The move comes eight months after the death of company founder, John W. Rollins Sr. His son, John W. Rollins Jr., has been running the company, serving as president and chief executive.

Rollins 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 is a global transportation services provider headquartered in Reading, Pa., with annual revenues of approximately $2.7 billion. The company 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. Penske expects to begin the tender offer within seven business days. It will be held open for a minimum of 20 days, as required under Securities and Exchange Commission rules.