UMG in a statement released yesterday, said the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.

Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.

According to the UMG boss Sir Lucian Grainge, the deal will see Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo continuing to run the company.

In a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.