Thai Union Frozen Products PCL (TUF.BK), the world's largest canned tuna producer, said on Friday it has signed an agreement to acquire 100 percent of North American tuna company Bumble Bee Foods for $1.51 billion from a private equity firm.

The deal is part of a plan by Thai Union, the world's largest canned tuna producer, to boost the group's portfolio of seafood products in the United States and Canada, the company said in a statement.

Thai Union said it expected the deal to boost its revenue by about 25 percent and will seek short term loans from domestic financial institutions to finance the acquisition.

Bumble Bee, the largest canned tuna and sardine producer in North America, is privately owned by a Pan-Atlantic private equity firm, Lion Capital.