Nathan’s Famous, the iconic hot dog brand, has been sold to Smithfield Foods in a $450 million all-cash deal. Smithfield, which already produced Nathan’s products, will acquire all outstanding shares for $102 each due to rising costs and inflationary pressures.

Founded in 1916, Nathan’s has grown from a Coney Island stand to a nationwide franchise. The brand’s cultural significance is bolstered by its annual hot dog-eating contest, where reigning champion Joey Chestnut holds the record for consuming 76 hot dogs in 10 minutes.

Smithfield plans to continue the famous hot dog-eating contest, televised on ESPN, and expects to save $9 million annually within two years of the acquisition. Nathan’s CEO Eric Gatoff praised Smithfield for its commitment to the brand’s growth and quality standards.

The board of directors, who own 30% of Nathan’s shares, approved the sale and will recommend shareholders vote in favor of the deal. Handwerker’s legacy lives on as Nathan’s Famous continues to expand its presence and uphold its reputation for delicious hot dogs.

Read more at Yahoo Finance: Iconic Coney Island hot dog hawker Nathan’s Famous is sold for $450 million