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# Leidos Closes Analogic Venture With 41.5% Stake, Gives Altaris The Board Majority
- URL: https://www.bullished.co/leidos-closes-analogic-venture-with-41-5-stake-gives-altaris-the-board-majority-98afd4e7/
- Published: 2026-10-05T12:36:01.000Z
- Updated: 2026-10-05T12:36:01.000Z
- Description: An 8-K says Leidos keeps minority protections and can seek an exit after the seven-year anniversary of closing.
- Author: Matteo Parrino
- Tags: SEC Filings, LDOS, Industry: Industrials

Leidos took [41.5% of the equity](https://www.sec.gov/Archives/edgar/data/0001336920/000119312526413208/d157380d8k.htm?ref=bullished.co) in a new security-screening joint venture that closed Monday, and handed board control to its partner Altaris, according to an 8-K filed that morning. The venture merges Leidos' Security Enterprise Solutions and Industrial Automation businesses with Analogic, an Altaris portfolio company.

## What the 8-K says

Leidos Inc., a wholly owned subsidiary, contributed subsidiaries holding the assets of the two businesses to the venture, called Nickel JV Ultimate Parent, LLC. In return it received 41.5% of the venture's equity.

Altaris affiliates received 58.5% for contributing part of the equity of ANLG Holding Company, Analogic's parent. They sold the rest of that parent to the venture for cash the venture raised through new debt financing.

The deal was first disclosed on April 14, 2026, when Leidos signed the contribution agreement. The company's [press release](https://www.sec.gov/Archives/edgar/data/0001336920/000119312526413208/d157380dex991.htm?ref=bullished.co) says the new company will operate under the Analogic brand.

## Control, protections and the exit

Altaris will appoint a majority of the board and hold majority voting power. Leidos can initially designate a minority of seats. It also holds protective rights over certain material actions, which the filing calls customary for similar deals.

The agreement requires distributions of available cash at least once a year, as the board decides. No member has to put in more capital after closing.

Altaris has drag-along rights, which let it pull other holders into a sale. Leidos has tag-along rights, which let it join one. After the seven-year anniversary of closing, Leidos can demand liquidity exit rights, subject to timing and procedural limits in the agreement.

Leidos shares closed at $117.74 on Friday, down about 3% on the session. That move came before Monday's filing.

## What Leidos says

CEO Tom Bell said the venture "creates an American innovator with the technology, talent and scale to address rapidly evolving global security screening needs." He added that the launch "sharpens our focus on the growth engines driving our NorthStar 2030 strategy."

Leidos reported annual revenue of about $17.2 billion for the fiscal year ended January 2, 2026\. The press release's risk language lists the new company's ability to service its debt and to integrate the businesses among the uncertainties.

With a minority board seat count and a seven-year wait before it can demand an exit, Leidos' stake depends on a company it no longer controls and that carries new debt.

### Sources

- [8-K Filing — Leidos Holdings, Inc. (LDOS)](https://www.sec.gov/Archives/edgar/data/0001336920/000119312526413208/d157380d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d157380dex991.htm — Leidos Holdings, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001336920/000119312526413208/d157380dex991.htm?ref=bullished.co) — SEC EDGAR
- [Leidos launches agentic AI platform to speed response to cyber threats](https://www.prnewswire.com/news-releases/leidos-launches-agentic-ai-platform-to-speed-response-to-cyber-threats-302891837.html?ref=bullished.co) — prnewswire.com
- [Leidos appoints AT&T COO Jeff McElfresh to board of directors](https://www.prnewswire.com/news-releases/leidos-appoints-att-coo-jeff-mcelfresh-to-board-of-directors-302894588.html?ref=bullished.co) — prnewswire.com