CCS Consults on the Proposed Merger of Analogic Corporation and SES/IA Business of Leidos, Inc.

1.      The Competition and Consumer Commission of Singapore (“CCS”) is inviting public feedback on the proposed merger of Analogic Corporation (“Analogic”) and Leidos Inc’s (“Leidos”) Security Enterprise Solutions, and Industrial and General Automation businesses (“SES/IA Business”) (collectively, the “Parties”) (the “Proposed Transaction”). 

2.      On 14 July 2026, CCS accepted a joint application from the Parties seeking CCS’s decision as to whether their merger would result in a substantial lessening of competition within any market in Singapore. CCS is currently assessing the Proposed Transaction. 

The Parties 

Analogic 

3.      Analogic is controlled by affiliates of Altaris, LLC, a New York-based investment firm in the United States. Analogic provides services in the healthcare, high-end industrial and aviation security sectors globally and in Singapore. It is active in the design, development, manufacturing and support of advanced imaging and detection solutions, as well as power and automation systems. In the aviation security sector, Analogic is only active in (i) cabin baggage explosives detection systems (“EDS”) and (ii) checked baggage EDS. 

Leidos 

4.      Leidos is a science and technology solutions company headquartered in Virginia, United States. 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. 

The Proposed Transaction 

5.      The Parties have submitted that the Proposed Transaction merging Analogic and Leidos’ SES/IA Business results in an overlap in two areas: the global supply of (i) checked baggage EDS (through existing stock of Leidos and stock to be supplied in the future by Analogic); and (ii) cabin baggage EDS, including after-market services, to Singapore (the “Relevant Markets”). 

6.       The Parties also submitted that the Proposed Transaction will not result in any substantial lessening of competition in view of the following: 

          i.     The Parties face strong competition from other suppliers globally and in Singapore for checked baggage EDS and cabin baggage EDS; 

          ii.     Customers do not view the Parties as the “next best alternative” to each other for checked baggage EDS and cabin baggage EDS; 

         iii.     Customers of checked baggage EDS and cabin baggage EDS can, and do, switch between suppliers; 

         iv.     Contracts are awarded separately for checked baggage EDS and cabin baggage EDS through competitive tenders where a supplier who has lost the most recent tender is not disadvantaged from winning the next tender; and 

          v.     While the Parties are both vertically integrated as they both manufacture and sell their own EDS machines, the extent of vertical integration of the Parties will not be strengthened by the Proposed Transaction. 

7.      The Parties submitted that the Proposed Transaction will create a stronger, more capable company with the expertise and breadth of solutions to better meet evolving security needs worldwide, resulting in a wider offering for the Parties’ customers. 

Public Consultation 

8.      CCS is inviting public feedback on the Proposed Transaction from 22 July 2026 to 5.00pm on 5 August 2026. CCS is interested to hear views on the impact of the Proposed Transaction on competition. Public feedback can be provided via the online form, or by email to ccs_consultation@ccs.gov.sg. If the submission or correspondence contains confidential information, please also provide CCS with a non-confidential version of the submission or correspondence. 

9.             More information on the public consultation can be accessed and downloaded from the CCS website at ccs.gov.sg under the section “Public Consultation”.