Universal Music Group has successfully secured a controlling interest in the renowned Nigerian record label, Mavin. The acquisition, announced in a statement on Monday by UMG, is currently awaiting regulatory approval and is anticipated to be finalized by the end of the third quarter of 2024.

While Kupanda Capital, an investment firm, will retain a minority stake and advisory role post-transaction, TPG will completely divest as part of the agreement. The deal 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, expressed enthusiasm about the partnership, stating, “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.”

This acquisition follows reports in October 2023, where Billboard disclosed that Mavin Records was exploring investment options or a potential complete sale, with Universal Music Group and HYBE among the interested parties. In a podcast interview in January 2024, Don Jazzy confirmed the label’s ongoing discussions with foreign investors.