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@Aia: Yes, perl seems to be the way to go here, not sed. Thanks for your answer. It answered my question to the point.
perl -pi -le 's/(kw1.*?)kw2(.*?kw3)/$1qux$2/' infile

Assume a string that contains one or multiple occurrences of three different keywords (abbreviated as "kw"). I would like to replace kw2 with some other string, say "qux". Specifically, I would like...