Nigerian singer and business mogul, Oluwatosin Ajibade, popularly known as Mr Eazi has sold Vydia, the portfolio company of his venture capital fund, Zagadat Capital, for $1 billion.
The digital audio and video distribution infrastructure company was acquired by American firm, gamma.
Gamma is a music and technology firm owned by former Apple Music Executive, Larry Jackson.
Speaking on the acquisition, Jackson said Vydia epitomises the vision of gamma as an ideas company.
The deal is the biggest in the history of Afrobeats. Mr Eazi is also the owner of music distribution platform emPawa.
The platform has previously worked with artists like Mr Eazi, Fave, Joeboy, Darkavibes, and Bella Alubo.