Universal Music Group has acquired a majority share in Mavin, a Nigerian musical label.
UMG said in a statement published on Monday that the transaction is still subject to regulatory clearance and is scheduled to be completed by the end of Q3 2024.
Kupanda Capital will remain a minority investor and strategic adviser in the company after the acquisition, while TPG will depart entirely as part of the arrangement.
Don Jazzy, Mavin’s founder and CEO, and Tega Oghenejobo, the business’s COO, will continue to lead the company following the transaction.
“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,” Sir Lucian Grainge, CEO of Universal Music Group, stated.
In October 2023, Billboard announced that Mavin Records
In a January 2024 podcast interview, Mavin CEO Don Jazzy acknowledged that the label was being courted by overseas investors.
cc: Daily Post Ng
