Universal Music Group (UMG) has made a significant move by acquiring a majority stake in Mavin Global, a prominent Nigerian record label founded by the legendary Don Jazzy. Mavin Global boasts a roster of talented artists including Rema, Ayra Starr, Crayon, and Ladipoe, among others. The deal, anticipated to be finalized by the third quarter subject to regulatory approvals, holds undisclosed financial terms. However, industry insiders speculate the acquisition could value Mavin at a substantial sum, ranging between $150 million to $200 million, as reported by Billboard.

Don Jazzy, the visionary behind Mavin since its inception in 2012, will maintain his role as CEO, along with COO Tega Oghenejobo, ensuring continuity in leadership. UMG’s chairman/CEO, Lucian Grainge, expressed excitement over the partnership, emphasizing their shared values of fostering great talent and entrepreneurship. This strategic collaboration aims to capitalize on Mavin’s track record of success in transforming Afrobeats into a global phenomenon.

Mavin Global’s existing relationship with UMG has already yielded significant results, notably with Rema’s chart-topping hit “Calm Down,” distributed by Virgin Music, and Ayra Starr’s partnership with Republic. The investment from UMG seeks to accelerate Mavin’s international growth, with a particular focus on expanding its Artist Academy to nurture emerging talent and developing future African music industry leaders.

The acquisition positions UMG at the forefront of Nigeria’s vibrant Afrobeats scene, characterized by the meteoric rise of artists like Wizkid, Davido, and Burna Boy. Moreover, it underscores the global recognition of African music, evident in the introduction of a new Grammy Awards category for Best African Music Performance, highlighting the growing influence and diversity of African musical talent on the world stage.