Thai Union Frozen Products is buying Norway-based seafood firm King Oscar for an undisclosed amount to scale up revenues.

Thai Union is aiming to increase its sales to $8bn by 2020 through overseas acquisition, with plans to push sales up to $5bn next year from an estimated $4bn this year.

The current deal comes shortly after Thai Union’s MW Brands subsidiary reached an agreement to buy French smoked salmon maker MerAlliance for an undisclosed amount.

"At this pace with our business expansion, I am confident we will hit our revenue target of $8bn by 2020, if not before."

Thai Union president and chief executive Thiraphong Chansiri said: "We are in full investment mode.

"At this pace with our business expansion, I am confident we will hit our revenue target of $8bn by 2020, if not before."

Reuters data shows that the current deal increases the number of Thai M&A outbound deals to 32 with a combined value of $1.76bn, compared with 28 deals with a value of $233m in 2013.

Thai Foods supplies its products to major corporations, such as Wal-Mart Stores and Costco Wholesale.

King Oscar produces close to a total 135 million cans at its two production facilitates located in Poland and Norway, while its premium quality sardines are bestsellers in Norway, Australia and the US.