Popular Nigerian music producer Michael Ajereh, known as Don Jazzy, is on the brink of finalizing a significant deal with the Dutch-American music powerhouse Universal Music Group (UMG).
Reports from Musicweek suggest that Universal Music Group, one of the top three music companies globally alongside Sony Music and Warner Music Group, is close to acquiring a majority stake in Don Jazzy’s Mavin Global label.
The deal is subject to regulatory approval and is expected to be completed by the end of the third quarter of 2024.
Kupanda Capital will remain as a minority investor and strategic advisor in the company post-acquisition, while TPG will be exiting completely.
Don Jazzy and Tega Oghenejobo will continue in their roles as CEO and COO of the company, respectively.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
