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Breaking news from your Fast Company editors with updates all day. Vodafone, one of Europe's biggest and most powerful cell phone networks, has this morning spent a whopping £1 billion ($1.7 billion) to buy Cable & Wireless, an operator that has significant land-line assets and a business-centric portfolio. The deal catapults Vodafone into still more market dominance, since it now has a cable distribution network in addition to its extensive wireless one, and hooks the firm up to long-tail revenues from enterprise broadband buyers.

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