After weeks of speculations as to the possibility of selling Mavin Music, Universal Music Group (UMG) has acquired a majority stake in the record label.
Universal Music Group the biggest music company in the world announced on Monday its acquisition of a majority stake in Mavin with the deal said to be 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 press release reads.
Recall that, Pulse Nigeria reported that Billboard published a story on a potential acquisition of Mavin Records by international record labels and investment companies including UMG and HYBE.
In the Billboard piece, Mavin Records was reported to have been in conversation with a potential buyer with the value of the sale placed at over $100 million.
Don Jazzy the Founder and Chairman of Mavin Records while appearing on the Zero Conditions Podcast stated that he was open to a possible acquisition of his company but insisted that such a deal must contain a clause that allows him to remain at the helm of affairs.
Speaking on the acquisition Don Jazzy said: “ 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.”
Sir Lucian Grainge, Chairman & CEO of Universal Music Group, said, “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.”
The press release did not contain the value of the acquisition. However, it announced that TPG has fully exited the business, while Kupanda Capital will remain a minority investor and strategic adviser.
With the announcement of a deal with UMG, Mavin Records is now a subsidiary company of the biggest music company in the world that boasts of other branches like Defjam, Motown, Interscope, Polydor, Republic Records, and Virgin Music among many others.
