Renowned Nigerian singer, producer and music executive, Micheal Collins Ajereh, professionally known as Don Jazzy, has sold majority of his stakes in Mavin Records to Universal Music Group.
In a statement issued on Monday 26 February, the UMG revealed that the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.
Recall that in October 2023, Billboard disclosed 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.
Meanwhile, 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.
Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo will also continue to run the company.
UMG boss, Sir Lucian Grainge noted that their criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people.
It is expected that with Don Jazzy, Tega, the Mavin Global team, and their artist roster, the UMG have found ideal partners with whom they can grow with.
Earlier in January 2024, Mavin CEO, Don Jazzy confirmed in a podcast interview that the label was being courted by foreign investors.
