Carphone Warehouse Group has agreed to buy Time Warner unit AOL's UK Internet access business for 370 million pounds (US$689 million) in cash, transforming the mobile phone retailer into Britain's third biggest broadband provider, the two companies announced in a joint statement to the London Stock Exchange.
The all-cash transaction will give Carphone Warehouse an extra 1.5 million high-speed Internet access customers to add to an existing base of 625,000, propelling it up to third place in the broadband league table behind BT and NTL.
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