Mavin Records, which is owned by Don Jazzy, had been seeking investment or a potential full sale, with interests coming from UMG, HYBE and other investors in the global industry.
In a January 2024 podcast interview, Don Jazzy confirmed that foreign investors have been showing interest in his label.
As it turns out, UMG has now acquired the majority stake in Mavin Records. The acquisition is however subject to regulatory approval and is expected to be closed by the end of the third quarter of 2024.
Following the transaction, investment firm Kupanda Capital will continue to be a minority investor and a strategic advisor in the business. However, TPG will completely exit as a part of the deal.