VEHICLE rental group TLS is to be bought by GE Capital for £68.2 million. The 135p-a-share cash offer has been recommended by the TLS board and will result in the company being combined with Smith Self Drive, which was bought by GE Capital last year.

GE Capital vice-president Christopher Mackenzie said it had not yet been decided what form the combining of the companies would take, but added there was nothing to suggest that existing management structures would change.

TLS operates around 10,000 vehicles in three divisions - TLS Vehicle Rental, TLS Auto-Rentals and CRR Truck Rental - from 26 locations. At the time it was bought by GE Capital, Smith Self Drive had a fleet of 7,000 vehicles and 16 branches.