Mavin’s founder and CEO, Don Jazzy has sold majority stakes of the record label to Universal Music Group (UMG).
This was revealed in an official statement released on Monday by UMG disclosing that the deal is still pending regulatory approval and is anticipated to be finalised by the third quarter of 2024.
The statement did not contain the value of the acquisition. However, as part of the agreement, investment firm Kupanda Capital will retain its position as a minority investor and strategic advisor within Mavin. TPG, another investor, will fully exit the company.
As part of the agreement, Mavin’s founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will continue to lead and manage the label.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,”
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together..”
“Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family,” Sir Lucian Grainge, Chairman & CEO of Universal Music Group, said.
