Combine multiple unique lines from event log text file into one line, use PERL or AWK?

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http://www.unix.com – I can't decide if I should use AWK or PERL after pouring over these forums for hours today I decided I'd post something and see if I couldn't get some advice. I've got a text file full of hundreds of events in this format: Record Number : 1 Records in Seq : 1 Offset in Seq : 1 Time : DD/MM/YY 00:00:00 Vendor ID : XXXXXXX Application ID : XXXXX Application Version : XXXXX API Library : XXX API Version : XXXX Host Name : HOST1 OS Name : UNIX (HowTos)