Aegis Group, the global media communications and market research company, announced today that it has acquired a 40% interest in the leading Chinese outdoor media contractor Asiaray, with an option to acquire a further 40% of the business by the end of 2005.
Aegis is paying an initial £2.9 million for the stake, with further deferred sums payable depending on Asiaray’s profit performance.
The acquisition of Asiaray continues the expansion of Posterscope, Aegis’s international outdoor media division. Asiaray will become the Chinese branch of the network and will adopt the Posterscope name.
Commenting on the announcement, Doug Flynn, chief executive of Aegis, said: “Asiaray will provide Posterscope with a foothold in the rapidly growing Chinese outdoor media market and represents another step along the road towards building Posterscope into a global outdoor media network.”
