Famous Universal Music Group has finalized the acquisition of a majority stake in Nigerian record label Mavin, according to a statement released on Monday.
The deal, pending regulatory approval, is anticipated to be concluded by the end of Q3 2024.
While investment firm Kupanda Capital will retain a minority stake and serve as a strategic advisor post-transaction, investor TPG will completely divest its holdings.
Under the terms of the agreement, Mavin’s founder and CEO, Don Jazzy, alongside COO Tega Oghenejobo, will continue to oversee the company’s operations.
UMG’s CEO, Sir Lucian Grainge, emphasized the importance of partnering with outstanding individuals, stating, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. 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 Mavin Records’ pursuit of investment or a potential full sale, attracting interest from UMG, HYBE, and other music asset investors.
Don Jazzy confirmed in a podcast interview in January 2024 that the label had garnered attention from foreign investors.
