Universal Music Group(UMG), has acquired a majority stake in Nigeria-based music powerhouse Mavin Records.
UMG has described Mavin Records as “the driving force behind many of the continent’s Afrobeats artists”.
Founded in 2012 by artist, producer, music executive, entrepreneur, and co-owner of defunct MoHits Records, Michael Collins Ajereh aka Don Jazzy, Mavin Records boasts of its major role in projecting Afrobeats artists within Africa, and even globally.
The merger news arrives 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.
TPG has now fully exited the business, while Kupanda Capital has confirmed it will remain a minority investor and strategic adviser.
Umg claims that Mavin will continue to be in control of its development and strategy. Don Jazzy, the company’s founder and CEO, and Tega Oghenejobo, the COO, will continue to lead it as per the deal.
The agreement is still contingent upon closing before the end of 2024’s third quarter.
In an Instagram post, Don Jazzy announces the merger,
“I’m thrilled to announce that Mavin Records has partnered with Universal Music Group, marking a new chapter in our journey”.
Don Jazzy on Instagram
Recall that back in 2023, Don Jazzy revealed he was exploring options for investments for the music label or a possible sale. Universal Music Group and Hybe showed interest as soon as the music executive announced the possibility.
Several of the biggest names in Afrobeats are signed under Mavin Records, including Rema, Crayon, Magixx, Johnny Drille, Ladipoe, Ayra Starr, and Bayanni.
Fans are curious about what this means for the fast-rising Afrobeats movement.
Only as events develop can answers be given.