A majority stake in Nigerian record label, Mavin, was over the weekend acquired by Universal Music Group (UMG).
UMG in a statement released on Monday, said the deal remained subject to regulatory approval and was 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 Don Jazzy, Mavin founder cum CEO, and COO, Tega Oghenejobo, continuing to run the company.
Said Sir Lucian Grainge, UMG boss: “Our criteria for identifying partners is straight forward; great artistes, great entrepreneurs, great people.
“With Don Jazzy, Tega, the Mavin Global team, and their artiste roster, we’ve found ideal partners with whom to grow together”.
Billboard in October 2023, 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.
