Universal Music Group Acquires Majority Stake in Nigerian Label Mavin

Universal Music Group has finalized the acquisition of a majority stake in Mavin, a prominent Nigerian record label. The deal, which is pending regulatory approval and anticipated to conclude by the end of Q3 2024, includes Kupanda Capital retaining its role as a minority investor and strategic advisor post-transaction, while TPG will fully divest as part of the agreement.

Under this arrangement, Mavin’s founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will continue to lead the company. Sir Lucian Grainge, CEO of UMG, expressed confidence in the partnership, citing Mavin’s exceptional talent pool and leadership as key factors in the decision.

This acquisition comes after reports in October 2023 indicated Mavin’s exploration of investment opportunities, with interest from Universal Music Group, HYBE, and other music asset investors. Don Jazzy confirmed these discussions in a podcast interview in January 2024, highlighting Mavin’s attractiveness to foreign investors.

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