Leidos completes joint venture with Altaris, contributing SES/IA business for 41.5% stake

Leidos Holdings, Inc.

Leidos contributed subsidiaries holding its Security Enterprise Solutions and Industrial Automation businesses to Nickel JV Ultimate Parent, receiving 41.5% of JV equity.
Altaris affiliates contributed Analogic Holding equity for 58.5% of the JV and sold the remaining Analogic Holding interests to the JV for cash from new debt financing.
The JV, operating under the Analogic brand, will focus on security screening at airports, borders, and critical infrastructure; CEO Tom Bell cited NorthStar 2030.
Under the JV Agreement dated October 5, 2026, Altaris appoints a majority of the board, while Leidos has minority board representation and protective rights.
Leidos gets tag-along rights and, after the seven-year anniversary, certain liquidity demand exit rights; no member must make further capital contributions.

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