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Telecom Italia to buy AOL Germany

Purchase for $870 million in cash expected to make Telecom Italia second-largest broadband provider in Germany.

Telecom Italia on Sunday announced plans to buy Time Warner's AOL Germany Internet access business for $870 million in cash. The transaction is expected to make Telecom Italia the second-largest broadband provider in Germany.

The deal, which is expected to close in the next four to six months, will give Telecom Italia a total of almost 2 million broadband subscribers. Telecom Italia has been trying to shore up its presence in Germany, beginning with its acquisition of Hansenet in 2003.