Leidos Holdings, Inc. has completed the formation of a new joint venture entity named Nickel JV Ultimate Parent, LLC. The transaction, finalized on October 5, 2026, combines Leidos's Security Enterprise Solutions (SES) and Industrial Automation businesses with Analogic Corporation, a portfolio company of Altaris, LLC.
Under the terms of the Contribution and Equity Purchase Agreement entered into on April 14, 2026, Leidos Inc. contributed its SES/IA Business to the new entity in exchange for a 41.5% equity stake. In exchange for the remaining 58.5% stake, certain affiliates of Altaris contributed equity interests in Analogic Holding Company, Inc. and sold the remaining portion of those interests to the JV, which funded the purchase through new debt financing.
The new joint venture will operate under the Analogic brand and focus on advancing security screening capabilities for airports, borders, and critical infrastructure. According to the amended and restated limited liability company agreement, Altaris affiliates will appoint a majority of the joint venture's board of directors and hold majority voting power. Leidos Inc. will designate a minority of board seats and retain minority investor protective rights.
Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. The company stated that the JV will sharpen its focus on growth engines driving its NorthStar 2030 strategy.
