Blackstone is leading a $1bn private credit financing to support the combination of the security enterprise solutions businesses of Leidos Holdings and Analogic Corporation, according to Private Equity Wire. The transaction was reported by Bloomberg, according to Private Equity Wire.
Lender group and roles
Blackstone Credit & Insurance is reportedly acting as lead lender and joint lead arranger alongside HPS Investment Partners, Bank of America, and Wells Fargo, according to a statement cited by Bloomberg and relayed by Private Equity Wire. The $1bn private credit financing is intended to support the combination of the companies’ security enterprise solutions businesses, according to the same report.
Leidos profile and recent activity
Leidos is a publicly listed engineering and technology services company, according to the report. Leidos provides services to government and commercial clients, including US intelligence agencies and federal health programmes, according to the report. The Virginia-based group generated $17.2bn in revenue in 2025, according to the report. Leidos secured a $301m US Army cybersecurity contract in August, according to the report.
Analogic background and ownership
Analogic develops imaging, detection, artificial intelligence, and automation technologies for aviation security, critical infrastructure, healthcare, and industrial markets, according to the report. Analogic was acquired by private equity firm Altaris in a $1.1bn take-private transaction in 2018, according to the report.
Recent private credit activity cited
The financing follows a series of private credit transactions involving technology and AI-related businesses, according to the report. Blackstone was reportedly also among the lenders involved in a recent financing for Waymo, Alphabet’s autonomous driving subsidiary, according to the report. That Waymo financing was increased to $5bn amid rising investment costs associated with AI development, according to the report.
Private credit is commonly used as a form of non-bank lending arranged by private investment firms.
