The iconic Nigerian record company Mavin Global, founded by Don Jazzy and home to artists like Rema, Ayra Starr, Crayon, and Ladipoe, will soon come under the majority ownership of Universal Music Group (UMG), reports indicate.
The deal, subject to regulatory approval and expected to be finalized by the third quarter, was announced jointly by both companies.
Although the financial details remain undisclosed, it was reported that Mavin was valued at over $125 million by Shot Tower Capital, with a potential sale price ranging from $150 million to $200 million.
The deal ensures that Don Jazzy and Chief Operations Officer (COO), Tega Oghenejobo will continue to steer the label, which Mr Jazzy founded in 2012.
UMG Chairman/CEO, Lucian Grainge expressed enthusiasm about the partnership, citing Mavin’s talented artists and leadership as key factors.
He noted Mavin’s role in,”Propelling Afrobeats onto the global stage,” and welcomed them into the UMG family.
Prior collaborations between Mavin and UMG, such as the distribution of Rema’s hit song “Calm Down,” which achieved significant success in the U.S., demonstrate the synergy between the two entities.
The investment aims to foster Mavin’s global expansion, particularly through initiatives like the Mavin Artist Academy and developing African music industry leaders.
The COO emphasized the compatibility between Mavin and UMG, highlighting UMG’s reputation for nurturing artists and entrepreneurs. He expressed their commitment to elevating African music globally through collaboration.
Securing Mavin under its umbrella further solidifies UMG’s presence in the thriving Nigerian Afrobeats scene.
Artists like Wizkid, Davido, and Burna Boy have already attained global acclaim, while emerging talents like Rema and Ayra Starr continue to make waves internationally.
This momentum led to the introduction of a Grammy category for best African music performance, won by Tyla’s “Water” at a recent ceremony.