Universal Music Group has acquired a majority stake in Nigerian record label, Mavin.
UMG in a statement released on Monday, said the deal remains subject to regulatory approval and is 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 Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo continuing to run the company.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
Newsmen recalls that in October 2023, Billboard 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.