A majority stake of Nigerian record label, Mavin has been acquired by Universal Music Group.
This was confirmed by UMG in a statement released on Monday.
UMG said the deal remains subject to regulatory approval and
is expected to close by the end of Q3 2024.
Investment firm Kupanda Capital will remain a minority
investor and strategic advisor in the business once the transaction closes,
although another investor, TPG, will fully exit as part of the deal.
The deal will see Mavin founder and CEO Don Jazzy and COO
Tega Oghenejobo continuing to run the company.
“Our criteria for identifying partners is straightforward:
great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge
said.
“With Don Jazzy, Tega, the Mavin Global team, and their
artist roster, we’ve found ideal partners with whom to grow together.”
Recall that in October 2023, Billboard reported that Mavin
Records “is seeking investment or eying a potential full sale with bidding
coming from the Universal Music Group, HYBE and strong interest from music
asset investors in the financial sector, according to sources.”
In a podcast interview in January 2024, Mavin CEO, Don Jazzy
confirmed that the label was being courted by foreign investors.
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