U.S. pork processor Smithfield ⁠Foods will buy century-old Nathan's Famous in a $450 million deal that adds the most iconic U.S. hot dog name to its portfolio of brands, the company said Wednesday.

Smithfield will pay $102 per share, a nearly ‍10% premium to Nathan's close on Tuesday.

Nathan's shares ‍were up about 9% at $100.94 in premarket trading.

Smithfield already holds an exclusive license to manufacture and sell ⁠Nathan's Famous products in the United States and Canada and at Sam's Club stores in Mexico.

Shares of Smithfield, a majority-owned ​subsidiary of Hong Kong-listed WH Group rose about 2%. The stock gained roughly 6% in 2025 after its market debut.

Nathan's Famous began as a ‍hot dog stand in 1916, founded by immigrant Nathan Handwerker with $300 borrowed ⁠from entertainers Jimmy Durante and Eddie Cantor, and initially sold hot dogs for 5 cents. The brand later expanded nationwide under the leadership of Handwerker's son, Murray.

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The brand is known for its annual hot ⁠dog-eating competition held at Nathan's ​Coney Island on July ⁠4 every year, where winners are awarded a "mustard belt" for eating the most ‍hot dogs. Last year, Joey Chestnut was declared the men's champion after he devoured 70.5 hot ‌dogs and buns in 10 minutes, according to the company's website.

"The Nathan's Famous acquisition is a meaningful step in the progression of ⁠Smithfield Foods, ​allowing us to ‍own all of the top brands in our Packaged Meats portfolio," Smithfield CEO Shane Smith said.

The deal is expected ‍to close in the first half of this year, Smithfield said.