The deal gives Aegis, which owns the Carat media-buying network, an option to acquire a further 40% of the business by the end of 2005, giving it overall control of the company.
The £2.9m is payable in cash on completion, with further deferred sums payable subject to profit performance.
The acquisition of Asiaray continues the expansion of Posterscope, Aegis's international outdoor media specialist. Asiaray will become the Chinese branch of the network and will quickly adopt the Posterscope name.
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.
"Asiaray has an excellent reputation in China and integrating this with Posterscope's international expertise provides a win-win situation for our clients and our business."
The acquisition follows last month's trading statement, which said Aegis expected full-year results to be "significantly better than 2001".
In September, Aegis acquired Spanish firm Inner Strategic Research in a deal worth £3m as it continued to expand its market research capability.
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