MUSA Auto Finance, a tiny leasing company that abruptly halted new business last fall after a partnership with Tesla Inc. overwhelmed its capital resources, has sold a majority interest to a Canadian technology company, executives of both companies said last week.
PowerBand Solutions Inc. signed an agreement to acquire 60 percent of MUSA Holdings and its subsidiaries, which include MUSA Auto Finance. MUSA's leadership will remain in place.
Neither company would disclose terms of the acquisition. PowerBand said in January that it was negotiating to buy a 75 percent stake in MUSA in a $15 million deal.
MUSA has not originated any loans or leases since October, said MUSA CEO Jeff Morgan. Under PowerBand's oversight, the company plans to resume business within 60 days.