Universal Music Group, a leading music company, has acquired a majority stake in Mavin, a Nigerian record label.
Gatekeepers News reports that upon regulatory approval, the deal is expected to be finalized by the end of Q3 2024.
While Kupanda Capital, an investment firm, will remain a minority investor and strategic advisor in the company, TPG, another investor, will exit completely as part of the deal.
The acquisition will not affect the leadership of Mavin, as its founder and CEO, Don Jazzy, and COO, Tega Oghenejobo, will continue to run the company.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said on Monday.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
