Universal Music Group (UMG) has taken possession of the major stake in popular Nigerian record label, Mavin, led by Don Jazzy.
The merger between Universal Music Group and Mavin news comes five years after Mavin secured a multi-million-dollar investment from Kupanda Holdings, a joint venture between Pan-African investment company Kupanda Capital and TPG Growth.
Kupanda Capital will retain its role as a minority investor and strategic advisor in the business post-transaction, while TPG will completely exit as part of the agreement.
The deal will see Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo to continue leading the company.
Taken to his Instagram page, Don Jazzy wrote to alert the fans of the new development.
He wrote: “Dear Mavin Family, I’m thrilled to announce that Mavin Records has partnered with Universal Music Group, marking a new chapter in our journey. This partnership is a milestone that recognizes our collective talent and hard work, aiming to elevate African music on the global stage.
“Our collaboration with UMG will bring more music, innovation, and opportunities, allowing us to showcase African talent worldwide. While we embark on this exciting new path, our core mission and values will remain intact, ensuring that the essence of Mavin and our commitment to pushing musical boundaries continue to thrive.
“This step forward is a testament to the dedication of our artists, staff, and, importantly, you, our fans, whose unwavering support has been instrumental in reaching this moment. Together, we look forward to making history, breaking more records, and building a lasting legacy.
“Thank you for your continued belief in us. Here’s to our bright future together. #MavinActivated”.