Mavin, a top Nigerian record label, has seen its majority ownership purchased by Universal Music Group.
The deal is still pending regulatory approval, according to a statement from UMG issued on Monday, and it is anticipated to close by the end of Q3 2024.
After the purchase concludes, investment firm Kupanda Capital will continue to advise the company strategically and as a minority investor, while TPG will completely exit the business.
Don Jazzy Welcomes New Female Singer, Ayra Starr To Mavin Records
Don Jazzy, the founder and CEO of Mavin, and Tega Oghenejobo, the COO, will continue to lead the business following the sale.
“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.”
According to Anaedoonmline.ng, Mavin Records “is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources,” as stated in a Billboard article dated October 2023.
I’m Happy Without Marriage Or Children – Don Jazzy
The CEO of Mavin Records, Don Jazzy, acknowledged that international investors were pursuing the business in a podcast interview conducted in January 2024.
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