Smithfield to Acquire Nathan’s Famous for $450M

Smithfield Foods has agreed to acquire Nathan’s Famous in an all-cash transaction valued at approximately $450 million. Under the definitive merger agreement, Smithfield will purchase all outstanding shares of Nathan’s Famous for $102.00 per share.

The deal is designed to secure long-term control of the all-beef hot dog brand “into perpetuity.” Smithfield already holds an exclusive license to manufacture, distribute, market, and sell Nathan’s Famous branded hot dogs and related products, with that license scheduled to expire in March 2032. Smithfield expects the transaction to be immediately accretive to adjusted diluted EPS from continuing operations and to generate about $9 million in annual run-rate cost synergies by the second anniversary of closing. Closing is expected in H1 2026, subject to customary conditions.