The world’s leading music company, Universal Music Group, said it has acquired the majority stake in a leading Nigerian record label, Mavin Global.

The company in a statement on Monday, noted that the deal is, however, 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 statement read in part.

Billboard had in October 2023 reported Mavin Records was in the process of receiving external investment to either acquire a part of the label or an outright sale. The investment and outright sale are valued at $125 million and could rise to $150 million or $200 million.

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.

As part of the agreement, the Founder and CEO of Mavin Global, Michael Collins Ajereh, popularly known as Don Jazzy and Chief Operating Officer (COO), Tega Oghenejobo, will continue leading the company – offering UMG the opportunity to partner with proven local executives and experienced A&R professionals.

The statement did not contain the value of the acquisition. However, it announced that TPG Records has fully exited the business, while Kupanda Capital will a remain minority investor and strategic adviser.

Founder of Mavin Records, Don Jazzy said about the acquisition, “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.”

Sir Lucian Grainge, Chairman & CEO of Universal Music Group, said, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.

“Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”