UMG Acquires Majority Stake in Mavin Records
Universal Music Group (UMG) has announced on Monday that it has acquired a majority stake in the prominent Nigerian record label, Mavin.
Excel Magazine International reports the deal, subject to regulatory approval, is anticipated to conclude by the end of the third quarter of 2024.
Kupanda Capital, an investment firm, will retain its role as a minority investor and strategic advisor post-transaction.
However, TPG, another investor, will completely divest its interests as part of the agreement.
Under the terms of the deal, Mavin’s founder and CEO Don Jazzy and COO Tega Oghenejobo will continue to lead the company.
UMG’s CEO, Sir Lucian Grainge, expressed confidence in the partnership, 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.”
Last October, Billboard reported Mavin Records’ pursuit of investment or a potential full sale, with bids coming from UMG, HYBE, and other music asset investors in the financial sector.
Additionally, in a podcast interview this January, Don Jazzy confirmed that the label had garnered interest from foreign investors.
