Global music powerhouse, Universal Music Group (UMG), has announced its acquisition of a majority stake in Mavin Records, Nigeria’s biggest music record label.
This strategic move by UMG comes five years after Mavin secured a significant multi-million dollar investment in 2019 from Kupanda Holdings, a joint venture between pan-African investment firm Kupanda Capital and TPG Growth. With TPG fully exiting the business, Kupanda Capital will retain a minority stake and continue to offer strategic guidance.
Under the terms of the…
