Universal Music Group (UMG), one of the world’s biggest music corporations, has acquired the majority stake in a leading Nigerian record label, Mavin Global.

The company in a statement on Monday, noted that the deal is, however, awaiting regulatory approval.

“Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,” the statement read in part.

Mavin is credited with unearthing talents like popular Afrobeats stars: Ayra Starr and Rema, to global success.

Label owner DonJazzy, real name Michael Collins Ajereh, was quoted in a UMG statement as saying: “I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”

UMG also stated that Mavin team’s full-service offering in Nigeria will be amplified through UMG’s global network of labels and businesses and will maintain autonomy over its strategy and future talent development.

As part of the agreement, the Founder and CEO of Mavin Global, Don Jazzy and Chief Operating Officer (COO), Tega Oghenejobo, will continue leading the company – offering UMG the opportunity to partner with proven local executives and experienced A&R professionals.

The statement did not contain the value of the acquisition. However, it announced that TPG Records has fully exited the business, while Kupanda Capital will a remain minority investor and strategic adviser.

Source:africanews.com