Universal Music Group acquires majority stake in popular Nigerian music label, Mavin Records

While confirming the acquisition, the head honcho of the multinational entertainment and record label conglomerate 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.”

The deal is expected to be completed by the third quarter, pending regulatory approval, the companies announced.

The announcement comes a few weeks after Don Jazzy addressed rumours surrounding the potential sale of Mavin Records.

Back in October, Billboard reported that Mavin was being shopped by Shot Tower Capital at a valuation north of $125 million, with a sale price in the region of $150 million to $200 million.

As part of the investment arrangement, Don Jazzy — who founded Mavin in 2012, and also serves as CEO — and COO Tega Oghenejobo will continue to run the label.

Mavin Records is home to some of the biggest stars in Afrobeats today including Ayra Starr, Rema, Johnny Drille, Crayon, and Ladipoe.

The label has also received numerous accolades, including the MTV Africa Music Award for Best Record Label in 2013 and 2014.

Universal, in its statement, described the record label as a driving force behind many of the continent’s Afrobeats artists.

It said Mavin will maintain its autonomy over its strategy and future talent development, adding that Don Jazzy and Tega Oghenejobo will continue to lead the company.

Lucian Grainge, chairman and 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 partnership, the statement added, aims to help accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally. This includes expanding the reach of its existing roster and building its business into a super-serving, pan-African entertainment company.

According to a press release, the investment is also designed to spur Mavin’s growth around the world, with focuses on both Mavin’s Artist Academy, which nurtures its roster in various musical and performance skills, and its executive leadership team, which is aimed at growing the next generation of African leaders in the music business.

“With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business,” Oghenejobo said in a statement. “UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”