Universal Music Group (UMG), one of the world's biggest music corporations, has purchased the majority share in Mavin Global, a prominent Nigerian record label, UMG announced on Monday.
The deal, however, is currently pending regulatory approval.
"Universal Music Group [...] announced a majority investment in of 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 statement read.
Mavin is home to several talented African musicians such as Ayra Starr, Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boy Spyce, DJ Big N, Lifesize Teddy, and Rema.
"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," label owner Michael Collins Ajereh, known as DonJazzy, was quoted in the statement as saying.
UMG added that the Mavin team will continue to have independent control over its strategy and future talent development, and that its full-service offering in Nigeria will be enhanced by UMG's international network of labels and businesses.
The deal stipulates that Don Jazzy, the founder and CEO of Mavin Global, and Tega Oghenejobo, the Chief Operating Officer, will remain in charge of the company. This allows UMG to collaborate with established local executives and seasoned artists and repertoire specialists.
However, the statement did not disclose the value of the acquisition.
This investment does not seem unexpected given the continued rise in popularity of Afrobeats. According to Harvey Mason Jr, CEO of the Recording Academy Founder, music from the continent is now so "prevalent everywhere in the world" that in June 2023, the Grammy Academy announced the creation of a new category, Best African Music Performance, in which South African singer Tyla won this year.