Mavin Records’ Majority Ownership Is acquired By Universal Music Group

Mavin, a 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 deal closes, 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, the founder and CEO of Mavin, and Tega Oghenejobo, the COO, will continue to lead the business following the deal. UMG CEO Sir Lucian Grainge stated, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, and great people.”

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According to Billboard, which published an article in October 2023, 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.” In January 2024, Don Jazzy, the CEO of Mavin Records, acknowledged in a podcast that foreign investors were pursuing the label.