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Universal Music Group (UMG) has successfully secured a majority stake in the renowned Nigerian record label, Mavin, marking a significant move in the global music industry. The acquisition, subject to regulatory approval and expected to conclude by the end of Q3 2024, underscores the ever-expanding footprint of international collaborations in the entertainment sector.
Investment firm Kupanda Capital, a longstanding supporter of Mavin, will maintain a minority stake and continue as a strategic advisor post-transaction. Meanwhile, TPG will exit completely, reshaping the landscape of Mavin’s investor portfolio.
Mavin’s founder and CEO, Don Jazzy, alongside COO Tega Oghenejobo, will continue to spearhead the label, ensuring a seamless transition. UMG’s CEO, Sir Lucian Grainge, expressed confidence in the partnership, stating, “With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
The deal follows earlier reports in October 2023, where Billboard disclosed Mavin Records’ exploration of investment options and potential full-sale considerations. Foreign investors, including UMG and HYBE, were reportedly involved in bidding, with significant interest from music asset investors in the financial sector.
In a podcast interview in January 2024, Don Jazzy confirmed the label’s engagement with foreign investors, highlighting the global appeal of Mavin Records. The acquisition by UMG positions Mavin for accelerated growth on the international stage, reinforcing its status as a key player in the ever-evolving music industry landscape.
As the regulatory process unfolds, the music community eagerly awaits the impact of this strategic alliance on Mavin’s diverse artist roster and the broader dynamics of the Nigerian music scene.
