Universal Music Group has acquired a controlling interest in Mavin Records.

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Universal Music Group (UMG) has acquired a majority stake in the Nigerian record label Mavin.

UMG announced in a statement released on Monday that the deal is subject to regulatory approval and is anticipated to be finalized by the end of the third quarter of 2024.

Investment firm Kupanda Capital will retain a minority stake and serve as a strategic advisor in the company following the completion of the transaction. However, another investor, TPG, will fully divest as part of the agreement. Mavin’s founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will continue to lead the company.

UMG CEO Sir Lucian Grainge expressed the company’s criteria for partnering with others: “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.”

It’s worth noting that Billboard reported in October 2023 that Mavin Records was seeking investment or considering a potential full sale, with interest from Universal Music Group, HYBE, and other music asset investors. Additionally, Mavin CEO Don Jazzy confirmed in a podcast interview in January 2024 that the label was being courted by foreign investors.

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