Don Jazzy’s Nigerian music firm, Mavin Records, is apparently considering a sale or investment, with bids from significant players such as Universal Music Group (UMG) and HYBE.
According to Billboard, the deal’s valuation is projected to be between $125 million and $200 million, and Shot Tower Capital, an independent investment bank, is assisting the negotiations.
According to the news outlet, the move is a strategy for Mavin Records to collect finances for expansion since the African music industry is expected to attain global significance in the future years.
It was also stated that regardless of the outcome of the transaction, Don Jazzy is expected to retain control over the company’s future path.
“Mavin Records, the hot Nigerian label that’s home to Rema and Ayra Starr, is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources,” the report reads.
“Mavin’s valuation in the proposed deal is above $125 million and could be worth $150 million to $200 million, according to those sources. Sources further say that Shot Tower Capital is shopping the deal.
“The move is expected to raise funding to help position the label for more growth. The African continent is anticipated to be the next geographical repertoire to have a commanding presence on the global stage, similar to how Latin and K-pop have had an impact on the international marketplace in recent years.
“Even if the investment comes from a strategic investor like UMG or HYBE — or results in another label or music company taking a stake in Mavin or even buying the African music company outright — the Mavin management team, led by legendary Nigerian music business executive Don Jazzy, is expected to remain in place and retain some form of control over its destiny.”
The companies cited in the story either declined to comment or did not reply to requests for comment before press time, according to the news outlet.
Don Jazzy has yet to comment as of the publication of this news.
Mavin Records, founded in 2012, is a powerhouse in African music, with notable artists such as Rema, Ayra Starr, and Tiwa Savage on its roster.
Numerous awards have been bestowed upon the label, including the MTV Africa Music Award for Best Record Label in 2013 and 2014.
Its artists have also worked with international artists such as Beyoncé, Selena Gomez, Kelly Rowland, and Chris Brown.