Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company “Primary Wave KB Holding LP” of the exclusive control of the company “Kobalt Music Group Topco, LP”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition as amended and supplemented and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information was prepared by the notifying party, which is solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: “Primary Wave KB Holding LP”;
• The target: “Kobalt Music Group Topco, LP”.

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned

• Music industry.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., May 4, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration project concerning the acquisition by the company “Primary Wave KB Holdings, LP”, collectively with the companies of its group (Primary Wave), of the exclusive control of the company “Kobalt Music Group Topco, LP”, collectively with its subsidiaries (Kobalt).

“Primary Wave KB Holdings, LP” is an exempted limited partnership registered under the laws of the Cayman Islands with registration number 136215, having its registered office at c/o Primary Wave Music IP Fund 4 GP, LLC 1165 Broadway, 5^th floor New York, NY 10001.

“Primary Wave” is an American group specializing in the acquisition, editing, and management of musical talents, dedicated to the acquisition, management, and marketing of music rights and associated intellectual property.

“Kobalt Music Group Topco LP” is an exempted limited partnership registered under the laws of the Cayman Islands with registration number 393446, having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

“Kobalt” is primarily a digital royalty collection and music publishing group, serving artists, songwriters, and other players in the music industry. The main business activities of the “Kobalt” group involve providing music publishing management services. Additionally, the “Kobalt” group holds music asset catalogs (in some cases, both compositions and recordings).

 

Done in Rabat on April 23, 2026.