Universal Music Group Acquires Majority Stake in Mavin Records

Universal Music Group (UMG) has announced the acquisition of a majority stake in Nigerian record label, Mavin.

According to a statement released by UMG on Monday, the deal is subject to regulatory approval and is anticipated to be finalized by the end of Q3 2024.

While investment firm Kupanda Capital will retain a minority stake and continue as a strategic advisor after the transaction, another investor, TPG, will completely exit as part of the agreement.

Under the terms of the deal, Mavin’s founder and CEO, Don Jazzy, along with 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.”

This acquisition comes after reports in October 2023, when Billboard revealed that Mavin Records was exploring investment opportunities and potential full sale bids from Universal Music Group, HYBE, and other music asset investors.

In a podcast interview in January 2024, Mavin CEO, Don Jazzy, confirmed that the label was indeed being courted by foreign investors.

Source: ghmediahub