Penske Truck Leasing Co. LP, the second-largest full service truck leasing and rental company in the United States, said Monday it has agreed to acquire Rollins Truck Leasing Corp., the nation's third largest such company, in a cash deal valued at about $754 million, according to Reuters.

Penske is offering $13 for each share of Rollins, a Wilmington, Del.-based full-service national truck leasing and rental company. Rollins services more than 53,000 vehicles under various lease and maintenance agreements from about 270 locations in the U.S. and Canada. Its revenues in fiscal 2000 totaled $720.3 million.

Rollins said its board of directors has unanimously approved the agreement.

Penske Truck Leasing, based in Reading, Pa., provides global transportation services and has annual revenues of about $2.7 billion. The company operates more than 152,000 heavy-, medium-, and light-duty trucks and serves customers from about 750 locations in the U.S., Canada, Mexico, South America and Europe.

"Because of our shared values, this represents the next step in our growth and the growth of our finest asset -- our people. It is also an excellent deal for all shareholders," said John Rollins Jr., Rollins president, in a news release.