(Yicai Global) Aug. 10 -- A consortium led by US-based private equity firm Olympus Capital Asia will acquire a controlling stake in China's biggest radio advertising company by revenue, Yuanyu Radio China Co., for USD90 million (CNY603.5 million).

The group of investors also includes Singapore-based United Overseas Bank Ltd.'s UOB Venture Management.

Shanghai-based Yuanyu operates in 23 provinces and municipalities in China, and has seen revenue increase more than eight-fold over the past seven years, online media outlet Jiemian.com states.

Yuanyu currently enjoys a 12-percent market share in the domestic radio advertising sector and makes up more than 70 percent of nationwide advertisements made by automotive clients.

"We will work with management and use Yuanyu's traditional radio advertising resources to expand new media platforms to provide multi-media solutions for clients," said Shen Daowei, Olympus Capital Asia's managing director.