OSLO, Norway (AP) — Nymex Holdings, the parent company of the New York Mercantile Exchange, will buy a 15.1 percent stake in the Norwegian financial derivatives exchange Imarex ASA for about $52 million.

Oslo-based Imarex specializes in markets for bulk and tanker shipping, electrical power, oil, carbon dioxide emissions, and seafood. It has operations in key Norwegian cities, as well as in Singapore, London, Houston, and Zurich.

"This investment and partnership in one of Europe's leading derivatives exchanges advances our strategic goal to expand our product distribution and clearing into the European market," Nymex chairman Richard Schaeffer said.

The shares were purchased for 160 kroner ($29.63) each from Bermuda-based Frontline shipping group, which has roots and offices in Norway. Frontline was one of the founding members of Imarex, and its largest shareholder before selling its stake to Nymex.

Imarex shares rose 9.4 percent to 152 kroner ($28.68) on the Oslo stock exchange on Monday.

The Norwegian derivatives exchange serves such clients as leading banks, oil companies, power generators, ship owners and hedge funds.