Don Jazzy had in a podcast interview in January confirmed that the Mavin Records was being courted by foreign investors
By Kehinde Okeowo
Universal Music Group (UMG) has finally acquired a majority stake in Mavin Records, a Nigerian record label owned by popular music executive, Michael Collins Ajereh aka Don Jazzy.
This was revealed in a statement released on Monday by UMG, where it noted that the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.
Prior to this, the Billboard had reported in October 2023, that Mavin Records was “seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector.”
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In a podcast interview that followed in January 2024, Mavin Records CEO, Don Jazzy confirmed that the label was being courted by foreign investors..
However, speaking on the acquisition, in the now-viral statement, UMG stated that Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.
The deal will also see Mavin founder and CEO, Don Jazzy and COO Tega Oghenejobo continuing to run the company.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
He added: “With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
