Proposed Merger of Analogic Corporation and SES/IA Business of Leidos, Inc.

Reference:

CCS 400-140-2026-007

Notifying Party:

Joint notification by:

• Analogic Corporation; and

• Leidos, Inc

Legal Representative(s):

Allen & Gledhill LLP

Notifying Date:

25 June 2026

Summary of Transaction:

1.     the names of the merger parties;

The merger parties are Analogic Corporation (“Analogic”), which is currently controlled by affiliates of Altaris, LLC (“Altaris”), and the assets and entities that comprise the Security Enterprise Solutions, and Industrial and General Automation businesses (the “SES/IA Business” or the “Target”) of Leidos, Inc. (“Leidos”) following an internal restructuring.

2.     a description of the transaction;

The proposed combination of Analogic and the Target (collectively, the “Parties”), following which affiliates of Altaris will be acquiring indirect sole control over the Target (the “Proposed Transaction”).

3.     a description of the business activities of the merger parties worldwide and in Singapore;

Analogic

Globally, as well as in Singapore, Analogic targets the healthcare, high-end industrial and aviation security sectors. It is active in the design, development, manufacturing and support of advanced imaging and detection solutions, as well as power and automation systems. In aviation security globally, Analogic is only active in

(i) cabin baggage explosives detection systems (“EDS”) and

(ii) checked baggage EDS.

Analogic is currently controlled by funds managed by affiliates of Altaris. For completeness, Altaris is a New York-based investment firm with an exclusive focus on acquiring and building companies in the healthcare industry.

Target

Leidos is a science and technology solutions company headquartered in Virginia, United States of America. Leidos provides scientific, engineering, systems integration and technical services to customers in heavily regulated industries, with a primary focus on the national security, defence and health sectors.

Leidos will undertake an internal restructuring which will result in the carving out of the Target, which consists of Leidos’ SES/IA Business that comprises:

(i)     Security enterprise solutions which includes Leidos’ airport and critical-infrastructure screening technologies for people, baggage, parcels, vehicles, and cargo.

(ii)     Industrial and General Automation which provides turnkey manufacturing automation solutions, control, and systems integration to a range of commercial industries. The General Automation business provides machine tooling services for the automotive industry. The Target’s business activities globally are the same in Singapore.

4.     a description of the overlapping goods or services, including brand names;

In Singapore, the Parties overlap in:

(i)     checked baggage EDS (through existing stock of the Target and stock to be supplied in the future by Analogic); and

(ii)     cabin baggage EDS,

including after-market services, in that these are products supplied globally that could be, or has in the past been, supplied to Singapore.

5.     a description of substitute goods or services from demand-side and supply-side considerations;

Demand-side substitution is generally limited to equivalent products that offer the same functionality and meet the same technical specifications, rather than other products. Within checked baggage EDS and cabin baggage EDS, customers are typically able to choose between alternative suppliers offering products with equivalent functionality and comparable technical specifications.

From a supply-side perspective, computed tomography (“CT”) is becoming the primary technology used for checked baggage EDS and cabin baggage EDS (but suppliers can comply with the latest requirements with X-ray). Various suppliers providing screening devices based on CT or X-ray for various sectors (cargo, ports, medical) may be able to expand from other industry focused screening devices to airport security applications.

6.     the Applicant’s views on:

(i)     the definition of the relevant market(s);

The Parties consider that the relevant markets for the purposes of this notification are the global supply to Singapore of:

1.     checked baggage EDS: and

2.     cabin baggage EDS,

including after-market services (collectively, the “Relevant Markets”).

(ii)   the way in which competition functions in this market;

Competition in the Relevant Markets is by way of open tender held by the Changi Airport Group (“CAG”), which creates opportunities for competition from global suppliers each time tenders are called. All bidders that meet the eligibility criteria and requirements under CAG’s terms of tender can bid.

(iii)  barriers to entry and countervailing buyer power; and

No prohibitive barriers to entry

The Parties submit that that there are no prohibitive barriers to entry for the Relevant Markets. Any global competitor that is able to meet the eligibility criteria and requirements, such as technical specifications, could commence supply in Singapore relatively quickly and on a material scale even if not currently providing goods or services in Singapore

Strong countervailing power

CAG, as the only customer for all checked baggage EDS and cabin baggage EDS in Singapore, is able to exercise strong countervailing bargaining power and is able to switch between suppliers for both checked baggage EDS and cabin baggage EDS, especially between renewal or upgrade cycles.

(iv)  the competitive effects of the merger (non-coordinated, coordinated, vertical and/or conglomerate effects, as relevant).

Non-coordinated effects

The Parties consider that the Proposed Transaction will not give rise to any non-coordinated effects, for the following reasons:

1.     Customers do not view checked baggage EDS and cabin baggage EDS supplied by the Parties as the “next best alternative” to each other.

2.     The Parties face strong competition globally and in Singapore from other suppliers of checked baggage EDS and cabin baggage EDS that regularly participate in tenders alongside the Parties.

Coordinated effects

The Parties consider that the Proposed Transaction will not give rise to any coordinated effects in the Relevant Markets, for the following reasons:

1.     The Relevant Markets are highly dynamic and competitive. Post-Proposed Transaction, the Parties will continue to face significant competition from a number of well-established competing suppliers which already have presence in Changi Airport, as well as have a track record of supplying major airports globally.

2.     Contracts are awarded through competitive tenders for the Relevant Markets. The competitive process is refreshed each time a tender is called, and a supplier who has lost the most recent tender is not disadvantaged from winning the next tender.

3.     Customers of checked baggage EDS and cabin baggage EDS (which is only CAG in Singapore) can, and do, switch between suppliers to replace their EDS machines to adhere to the current international standards.

4.     For future tenders in checked baggage EDS, there is effectively no competition between the Parties.

Vertical and conglomerate effects

The Parties consider that the Proposed Transaction will not give rise to any vertical effects. Both Analogic and the Target are vertically integrated as they both manufacture and sell their own EDS machines, and the extent of vertical integration of the Parties will not be strengthened by the Proposed Transaction.

The Parties submit that no conglomerate effects would arise from the Proposed Transaction. Airports organise separate tenders for checked baggage EDS and cabin baggage EDS.

Consultation

Interested parties are invited to submit their views on the Proposed Transaction. When submitting confidential information, interested parties should take note of the procedures outlined in CCS Guidelines on Merger Procedures.

Comments should reach CCS no later than 5 August 2026, 5 p.m. Please write or email your comments (titled: Comments on the Proposed Combination of Analogic Corporation and SES/IA Business of Leidos, Inc.) to:

Email: ccs_consultation@ccs.gov.sg

Attention: Mr Ho Zhi Peng, Senior Competition Analyst (Data and Digital)

Supporting Documents

Interested third parties may request in writing to obtain more information on the Proposed Transaction.

Please write or email your submission (titled: Comments on the Proposed Combination of Analogic Corporation and SES/IA Business of Leidos, Inc.) to the above contact details.