Mavin, a Nigerian record label, has had its controlling ownership purchased by Universal Music Group.
The purchase is still pending regulatory approval, according to a statement from UMG issued on Monday, and it is anticipated to conclude by the end of Q3 2024.
After the purchase concludes, investment firm Kupanda Capital will continue to advise the company strategically and as a minority investor, while TPG will completely depart the business.
Don Jazzy, the founder and CEO of Mavin, and Tega Oghenejobo, the COO, will continue to lead the record label.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
