Nathan's Famous Sells to Smithfield Foods for $450 Million in All-Cash Deal

Nathan's Famous, the iconic Coney Island hot dog brand, is being acquired by Smithfield Foods in a $450 million all-cash transaction, the companies announced on January 21, 2026. Shareholders will receive $102 per share, with the deal expected to close in the first half of 2026. Smithfield, a longtime licensee of Nathan’s products since 2014, plans to achieve $9 million in annual cost savings within two years. The company owns brands including Gwaltney and Armour. Nathan’s CEO Eric Gatoff praised Smithfield’s commitment to quality and growth, while the board—controlling nearly 30% of shares—approved the deal and will recommend shareholder approval. In fiscal 2025, Nathan’s reported $24 million in profit on nearly $150 million in revenue. Smithfield generated over $1 billion in operating profit on $14.1 billion in sales in 2024 and is on track to exceed those figures. Its shares rose nearly 9% to $100.81 midday Wednesday; Nathan’s stock was not publicly traded.