Smithfield Foods acquires Nathan’s Famous for $450 million in cash, closing in early 2026.

Nathan’s Famous, the Coney Island hot dog chain founded in 1916, has been acquired by Smithfield Foods in a $450 million all-cash deal. Smithfield will pay $102 per share, with the transaction expected to close in early 2026. The move follows rising costs, including a 27% increase in branded product expenses and a 20% rise in hot dog production costs. Smithfield, already producing and distributing Nathan’s products in the U.S., Canada, and Mexico since 2014, plans to maintain the brand’s legacy, including the annual Fourth of July hot dog-eating contest, and expects $9 million in annual savings within two years. Nathan’s reported $150 million in revenue and $24 million in profit for fiscal 2025.