One of the biggest global music corporations, Universal Music Group (UMG), has acquired a major stake in Nigerian record label, Mavin Global Music, owned by Michael Collins Ajereh, popularly known as Don Jazzy.
In a statement on Monday, the UMG management said the deal was awaiting regulatory approval.
“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 company’s statement reads.
UMG also stated that Mavin team’s full-service offering in Nigeria will be amplified through UMG’s global network of labels and businesses and will maintain autonomy over its strategy and future talent development.
Versatile producer, Don Jazzy who spoke on the acquisition, said it was a dream come true for him and the artistes on the label.
“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,” he said in a statement he posted on social media.
As part of the agreement Don Jazzy and Chief Operating Officer (COO) of Mavin Global, Tega Oghenejobo, will continue leading the company while offering UMG the opportunity to partner with proven local executives and experienced A&R professionals.
Mavin Global is credited with unearthing top Nigeria talents like popular Afrobeats stars, Ayra Starr and Rema, who have gone to to global superstars.