Smithfield Foods to Acquire Nathan’s Famous in a $450 Million Cash Deal

Smithfield Foods, Inc. (SFD) entered a merger agreement on January 21, 2026, to acquire Nathan’s Famous, Inc. (NATH) in an all-cash deal valued at $450 million.

Deal Structure:

Smithfield Foods will acquire all of Nathan’s Famous’ issued and outstanding shares for $102 per share in cash, representing a premium of 10% from the stock’s last close.

The merger agreement allows Nathan’s Famous’ Board of Directors to declare and pay two regular quarterly cash dividends before the deal closes.

Company Profile:

Nathan’s Famous is a foodservice company that owns and franchises restaurants under the Nathan’s Famous brand and generates the majority of its business through product licensing and foodservice distribution of branded hot dogs and related products across the U.S. and international markets.

Smithfield Foods is a U.S.-based food company that manufactures and markets packaged meats and fresh pork products worldwide, operating across packaged meats, fresh pork, and hog production with a broad portfolio of well-known consumer and foodservice brands.

Deal Details and Timeline:

Since March 2014, Smithfield Foods has held an exclusive license from Nathan’s Famous covering the United States, Canada, and Sam’s Club locations in Mexico. Under this agreement, Smithfield sells “Nathan’s Famous” branded hot dogs, sausages, corned beef, and certain ancillary products through the retail channel. The license is scheduled to expire in March 2032.

The deal will be funded by cash on hand and is expected to close in the first half of 2026.

Nathan’s Famous was advised by Jefferies as its financial advisor and by Akerman as its legal counsel. Smithfield Foods was advised by Goldman Sachs as its financial advisor and by Hunton Andrews Kurth as its legal counsel.

Smithfield Foods is paying 11.68 times the EBITDA of Nathan’s Famous.

Deal Metrics:

To explore more about this M&A transaction, please visit the Deal Metrics page:

Deal Metrics for the acquisition of Nathan’s Famous, Inc. (NATH) by Smithfield Foods, Inc. (SFD)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article