Universal Music Group (UMG) has purchased a majority stake in the Nigerian record label Mavin. The deal, announced on Monday, February 26, 2024, is waiting for approval from regulators and is expected to be finalised by the end of Q3 2024.
Investment firm Kupanda Capital will still be a minority investor and advisor in the business after the deal, while another investor, TPG, will exit completely.
Mavin’s founder and CEO, Don Jazzy, and COO, Tega Oghenejobo, will continue to lead the company.
UMG’s boss, Sir Lucian Grainge, said, “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.”
In October 2023, Billboard reported that Mavin Records “is seeking investment or considering a potential full sale with bidding from 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 approached by foreign investors.
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