International music conglomerate Universal Music Group (UMG) has just announced its acquisition of a majority stake in the prominent Nigerian music conglomerate Mavin Global.
In their official statement released today, UMG revealed their significant investment in the record label owned by Don Jazzy, solidifying a partnership with one of Nigeria’s foremost music labels, extending its influence across Africa.
As part of the agreement, Mavin will retain full autonomy over its strategy and future talent development. Don Jazzy, the owner, along with COO Tega Oghenejobo, will continue leading the company. This strategic move positions UMG not as an outright owner but as a partner, granting Mavin a robust international backing while allowing them to maintain their independence in business operations.
This partnership marks an unprecedented alliance, offering Mavin substantial global support while preserving its established operational autonomy. The disclosed deal is currently pending regulatory approval and is anticipated to be finalized by the third quarter of 2024.
