PROPOSED ACQUISITION OF SOLE CONTROL OF MAVIN GLOBAL HOLDINGS LIMITED BY UNIVERSAL MUSIC HOLDINGS LIMITED

This notification concerns the proposed acquisition of sole control of Mavin Global Holdings Limited (Mavin, together with its controlled affiliate, MG Entertainment Nigeria Limited, the Target Undertaking) by Universal Music Holdings Limited (through its subsidiary, UMG SPV Holdings Limited) (the Acquiring Undertaking, together with its controlling and controlled affiliates, the UMG Group) (the Proposed Transaction). The UMG Group and the Target Undertaking are collectively referred to as the Parties. Universal Music Group (UMG) is a global music company listed on the Euronext Amsterdam, with corporate headquarters in Hilversum, The Netherlands and operational headquarters in Santa Monica, California, United States of America (USA). UMG owns and operates businesses engaged in recorded music, music publishing, merchandising, and audio-visual content. In Nigeria, UMG only owns and controls UMG Universal Music International Company Limited (UMG Nigeria). Mavin is an English registered private limited company and the ultimate parent company of Mavin Records,1 a Nigerian music label. Mavin is active in the wholesale distribution of recorded music. It is also active in ancillary services, including live concerts, brand partnerships and artist management. Its repertoire is available in Nigeria via music streaming services such as Spotify, Apple, Tidal, YouTube, Deezer and Boomplay being Digital Service Providers (DSPs). In Nigeria, Mavin only owns and controls MG Entertainment Nigeria Limited (MGNL). The Proposed Transaction presents UMG with an opportunity to acquire a recorded music label with a reputation for high-quality recordings of music in Nigeria. Through the Proposed Transaction, UMG intends to develop and connect Mavins cluster of Nigerian talents to a wide array of platforms and partnership opportunities at an international level, using UMGs global network. UMG considers itself to be uniquely positioned to support Mavin in continuing its mission to become a definitive cultural destination in Africa and beyond. For Mavin, the Proposed Transaction provides an opportunity for the global expansion of the Mavin brand and to be part of a highly rated international music label with a global network of distribution. The Parties submit that no public interest concerns will arise because of the Proposed Transaction, and more specifically, no negative effect on employment in Nigeria is anticipated because of the Proposed Transaction.