Universal Music Group, the Dutch-American multinational music corporation, has made a significant move by acquiring a majority stake in Mavin Records, a Nigerian record label with a burgeoning reputation. The announcement of this acquisition came through a statement released by UMG on Monday. However, the deal is contingent upon regulatory approval and is anticipated to be finalized by the end of the third quarter of 2024.
Under this agreement, investment firm Kupanda Capital will retain its position as a minority investor and strategic advisor within the company post-transaction. Conversely, another investor, TPG, is set to completely divest its interests as part of this arrangement.
The acquisition marks a pivotal moment for Mavin Records, as it signifies a new chapter in its journey while ensuring continuity in leadership. Founder and CEO, Don Jazzy, alongside COO Tega Oghenejobo, will continue to steer the company’s operations, maintaining its distinctive identity and creative vision.
This strategic move underscores UMG’s commitment to expanding its presence within the vibrant African music industry, recognizing the immense talent and potential within the region. With this partnership, both Universal Music Group and Mavin Records aim to leverage their strengths to further elevate African music on the global stage.
“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.”
“With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business,” Oghenejobo said in a statement.
“UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”
