Universal Music Group has acquired a majority stake in Nigerian record label, Mavin.

UMG in a statement released on Monday, said the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.

Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.

The deal will see Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo continuing to run the company.

“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.

“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”

In October 2023, Billboard reported that Mavin Records “is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources.”

In a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.

This division is to focus on supporting the next wave of independent artists talent, labels, influencers, and entrepreneurs from the region with disruptive innovation and best in class services, to help deliver global success to its roster, and further expand the reach of music culture from across the continent to the vast diaspora, as well as to new fans and audiences around the world.

Virgin Music lands in Africa under the leadership of Universal Music Africa’s current Director of International Development, Guylaine Clergy and Head of A&R, Felix Pea, who will also serve as co-directors of the new division, effective immediately and will report to Francis Kacou, Managing Director, Universal Music Africa.