Universal Music Group has acquired a majority stake in Mavin, a Nigerian record label.

According to a statement released by UMG on Monday, the deal is pending regulatory approval and is anticipated to be finalized by the end of Q3 2024.

Upon completion of the transaction, investment firm Kupanda Capital will retain its role as a minority investor and strategic advisor, while TPG will exit entirely.

The agreement ensures that Mavin’s founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will continue to lead the company.

UMG’s CEO, Sir Lucian Grainge, emphasized the importance of partnering with exceptional individuals, stating, “With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”

Recall that in October 2023, Billboard reported Mavin Records’ pursuit of investment or a potential full sale, attracting interest from Universal Music Group, HYBE, and other financial sector investors. Additionally, Mavin CEO Don Jazzy confirmed in a / 2024 podcast interview that the label was indeed being courted by foreign investors.