Universal Music Group (UMG) has acquired a major stake in Mavin Global owned by Michael Ajereh aka Don Jazzy.
In a statement issued on Monday, UMG described Mavin Global as one of the world’s most dynamic and exciting independent record labels.
It wrote: “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 Chairman of UMG, Sir Lucian Grainge, listed the criteria for the selection of Mavin Global as a partner.
He 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 have 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.”
On his part, Don Jazzy expressed happiness at the agreement.
“I’m proud of the artists, careers, and brand we have 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 stated.