Aussie Firms Buy Norway’s Dyno Nobel

Two big Australian companies are teaming to pay $1.7 billion for Norway’s Dyno Nobel, an explosives company.

Founded by inventor Alfred Nobel, who also endowed the Nobel prizes, Dyno Nobel is the world’s second-largest explosives company, ABC reported Monday.

The largest explosives company is Orica Ltd., an Australian company that with Australia’s Macquarie Bank is paying $1.7 billion for Dyno Nobel.

Macquarie said it will sell off its Asian, Latin American, European, Middle Eastern and African businesses to Orica as part of the arrangement.

Orica and Macquarie will retain Dyno Nobel’s Australian and North American businesses.