WASHINGTON (dpa-AFX) - Netherlands-based privately held TIP Trailer Services, a portfolio company of I Squared Capital and provider of trailer leasing, rental, maintenance and repair services across Europe and Canada, on Wednesday signed a deal to acquire the trailer leasing and maintenance business of U.S.-headquartered Ryder Ltd. Ryder Ltd. (R)
Ryder is a provider of commercial vehicle rental, contract hire, maintenance, and dedicated delivery solutions in the U.K.
Financial details of the deal are not disclosed. The completion of the transaction is expected to take place in June.
The deal would also guarantee a successful future for the mobile maintenance services part of Ryder's business and continuity with no disruption to customers, business partners or employees.
'A significant portion of the Ryder Ltd mobile maintenance services employee base are mobile technicians which will be a great addition to TIP's maintenance and repair business,' TIP said.
Shares of Ryder System closed Tuesday's trading at $63.02, up $0.03 or 0.05 percent from the previous close.
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