Universal Music Group (UMG) has made a significant stride in the African music scene by securing a substantial stake in the Nigerian record label, Mavin.
Announced on Monday, the deal, subject to regulatory approval, is projected to be finalized by the end of the third quarter of 2024 or earlier.
See statement by Mavin Records below;
As part of the agreement, investment firm Kupanda Capital will retain a minority stake and advise Mavin strategically, while TPG will exit entirely. However, 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 enthusiasm about the partnership, citing Mavin’s talented artists and strong leadership as decisive factors.
Grainge remarked, “Our criteria for selecting partners are clear: exceptional artists, entrepreneurs, and individuals. With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found perfect partners for mutual growth.”
The acquisition follows reports from October 2023 indicating Mavin Records’ interest in securing investment or exploring a potential full sale, with UMG among the bidders. Mavin CEO, Don Jazzy, confirmed discussions with foreign investors in a January 2024 podcast interview.
This deal signifies a significant milestone for Mavin Records and the African music industry, underscoring the increasing global interest and investment in African music talent and creativity.
