Smithfield Foods to Acquire Nathan's Famous for $450 Million

Smithfield Foods Inc., a major Virginia-based pork processor, announced on Wednesday that it will acquire the iconic hot dog brand Nathan's Famous for approximately $450 million in an all-cash deal, gaining full ownership of the century-old company known for its Coney Island roots.

The transaction, valued at $102 per share of Nathan's outstanding stock, builds on a licensing agreement Smithfield has held since 2014 to manufacture and sell Nathan's products in the United States and Canada, as well as at Sam's Club locations in Mexico. That license was set to expire in 2032, but the acquisition will extend Smithfield's rights to the brand indefinitely. The deal is expected to close in the first half of 2026, pending regulatory approvals and shareholder votes. Nathan's board, which controls nearly 30 percent of the company's shares, has approved the buyout and plans to recommend it to shareholders.

"With our manufacturing scale, marketing strength, product innovation capabilities, and retail and foodservice channel expertise, acquiring Nathan's Famous will allow us to take the brand to new heights," said Shane Smith, president and CEO of Smithfield. The move strengthens...