Dutch–American multinational music corporation, Universal Music Group has acquired a majority stake in Nigerian record label, Mavin Records.
UMG in a statement released on Monday, 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.”
“With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business,” Oghenejobo said in a statement.
“UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”
Mavin Records label team
Reacting to the development, Don Jazzy said the new partnership is a “milestone that recognizes our collective talent and hard work, aiming to elevate African music on the global stage.
