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Symyx Closes Deal to Buy MDL from Elsevier for $123M

NEW YORK (GenomeWeb News) - Symyx Technologies said yesterday that it has closed its $123 million all-cash purchase of Elsevier’s MDL Information Systems business.
 
Symyx said the final purchase price will be subject to "working capital and other adjustments."
 
The company also has set up a $25 million back-up line of credit for working capital and for future growth initiatives.
 
Symyx struck the agreement to buy MDL in August. At the time, it said it expected combined software and database operations to be around $100 million in 2008. At the time of the agreement, Symyx said MDL had around 1,000 customers and around 50,000 content and software users.
 
Symyx said this week that it expects to incur “significant restructuring and one-time acquisition costs" in the fourth quarter of 2007.

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