Universal Music Group buys majority stake in Mavin Records

Universal Music Group (UMG) has obtained a controlling interest in the Nigerian record label Mavin.

In a statement issued on Monday, UMG noted that the transaction is contingent upon regulatory clearance and anticipates finalization by the end of the third quarter of 2024.

Following the closure of the deal, investment firm Kupanda Capital will retain a minority stake and serve as a strategic advisor to the company. However, another investor, TPG, will completely divest from the arrangement. Founder and CEO of Mavin, Don Jazzy, alongside COO Tega Oghenejobo, will continue to lead 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.”