Leidos closes Analogic security-screening joint venture, keeps 41.5% stake

Leidos has handed control of its airport and border screening business to a new joint venture. The government and commercial technology company said Monday it completed its previously announced deal with investment firm Altaris to combine its security screening operations with Altaris-owned Analogic.

Leidos contributed its Security Enterprise Solutions and Industrial Automation businesses to the venture in exchange for 41.5% of its equity, according to an 8-K. Altaris affiliates contributed part of Analogic's parent company for the other 58.5% and sold the rest of it to the venture for cash raised through new debt financing.

The new company operates under the Analogic brand and focuses on security screening at airports, borders and critical infrastructure. Leidos described its retained position as "a significant minority ownership stake."

Control sits with Altaris. Its affiliates can appoint a majority of the joint venture's board, while Leidos initially designates a minority of seats and holds customary minority protective rights over certain material actions, the filing says.

The venture's board will decide cash distributions, which must be made at least once a year, and neither partner is obligated to put in more capital after closing. After the seventh anniversary of the deal, Leidos gains certain rights to demand liquidity for its stake. Altaris holds drag-along rights and Leidos holds tag-along rights.

"Its launch also sharpens our focus on the growth engines driving our NorthStar 2030 strategy," Leidos Chief Executive Tom Bell said in the press release. Leidos said it will continue its broader aviation work, including modernizing airports and air traffic systems.

By the numbers

• Leidos stake in the joint venture: 41.5%
• Altaris affiliates' stake: 58.5%
• Board control: Altaris appoints the majority
• Minimum distribution frequency: once a year
• Leidos liquidity demand rights: after year seven
• Deal first agreed: April 14, 2026

Sources

1. Leidos Holdings, Inc. Form 8-K (Items 1.01, 7.01), filed Oct. 5, 2026, accession 0001193125-26-413208
2. Leidos press release, Exhibit 99.1, dated Oct. 5, 2026

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