Universal Music Group has acquired a majority stake in Mavin Global, the renowned Nigerian record company founded by Don Jazzy, home to artists like Rema, Ayra Starr, Crayon, and Ladipoe. The deal, subject to regulatory approval, is slated for completion by the third quarter, as per the joint announcement by the companies.
While the specific financial terms remain undisclosed, reports from Billboard in October hinted at Mavin's valuation exceeding $125 million, with potential sale figures ranging between $150 million to $200 million. It's yet unclear whether publishing rights are part of the arrangement. Under the investment agreement, Don Jazzy, the brain behind Mavin since its inception in 2012 and serving as its CEO, along with COO Tega Oghenejobo, will continue to lead the label.
Lucian Grainge, chairman/CEO of UMG, expressed enthusiasm, stating, "Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people." Grainge emphasized the transformative role Mavin's talented artists played in propelling Afrobeats into a global phenomenon. The partnership marks a significant step forward for both entities.
While the press release didn't disclose the acquisition's value, it confirmed TPG's complete exit from the business, while Kupanda Capital will retain a minority stake and serve as a strategic advisor.
With the UMG deal in place, Mavin Records now joins the ranks of subsidiary companies under the umbrella of the world's largest music company, which includes Def Jam, Motown, Interscope, Polydor, Republic Records, and Virgin Music, among others.
