According to an issued statement “Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin).
The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,”. The famed music label was founded by producer and recording artist Don Jazzy on 8 May 2012. Signing top acts – Tiwa Savage, Wande Coal, Reekado Banks, and Iyanya in 2014. Mavin Records now home to global stars Rema, and Ayra Starr as well as trending artistes Crayon and Ladipoe, among others, will have its team’s full-service offering in Nigeria amplified through UMG’s global network of labels and businesses and will maintain autonomy over its strategy and future talent development. While the full terms of the deal were not disclosed. Billboard however, reported in October 2023 that Mavin was being shopped by Shot Tower Capital at a valuation north of $125 million, with a sale price in the region of $150 million to $200 million; it was unclear if publishing was involved in the deal. As part of the investment arrangement, Michael Collins Ajereh aka Don Jazzy the founder and CEO, and COO Tega Oghenejobo will continue to run the label.
Addressing the acquisition, Don Jazzy says “I’m proud of the artists, careers, and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.” Sir Lucian Grainge, Chairman & CEO of Universal Music Group also said, “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. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
