July 25, 2024
Universal Music Group Acquires Majority Stake In Mavin Records
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Universal Music Group Acquires Majority Stake In Mavin Records

Universal Music Group, UMG, has acquired a majority stake in Nigerian record label, Mavin.

In a statement, UMG says the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.

Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.

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The deal will see Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo continuing to run the company.

In a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.

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