Leidos has entered a joint venture agreement with investment firm Altaris, which owns Analogic, bringing together complementary detection technologies to enhance security screening.
The combination of Leidos’s Security Enterprise Solutions business with Analogic would create a single, USA-based enterprise to provide security screening systems for airports, borders and critical infrastructure customers worldwide. The goal is to improve security product innovation while unlocking efficiencies in research and development, manufacturing and operations of next-generation screening technologies. The joint venture would also work to support a faster transition to AI-native and 3D imaging solutions.
The proposed deal will enable the new company to focus on growth in the global detection and imaging market and for Leidos to continue investing in core growth areas identified in its NorthStar 2030 strategy. Under the terms of the proposal, Leidos will contribute approximately 1,500 employees representing US$625m in projected 2026 revenue to the new joint venture.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including receipt of regulatory approvals. Upon closing, the combined business will operate under the Analogic brand as a privately held company, with Leidos retaining significant minority ownership. The new business will be led by Analogic’s current chief executive officer, Tom Ripp.
Leidos retained PJT Partners as financial advisor; Fried, Frank, Harris, Shriver & Jacobson and DLA Piper as legal advisors; and KPMG as accounting advisor in connection with the transaction.
Kirkland & Ellis and Hinckley Allen & Snyder acted as legal advisors to Analogic, along with Ernst & Young as accounting advisor.
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