Universal Music Group announced on Monday its acquisition of a majority stake in the Nigerian record label Mavin Records. The deal, subject to regulatory approval, is anticipated to finalize by the end of Q3 2024.
While investment firm Kupanda Capital will maintain a minority stake and advisory role post-transaction, TPG will exit entirely. Mavin’s founder and CEO, 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.
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“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
