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 a report by Bloomberg.
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.
Leidos, a publicly listed engineering and technology services company, provides services to government and commercial clients, including US intelligence agencies and federal health programmes. The Virginia-based group generated $17.2bn in revenue in 2025 and secured a $301m US Army cybersecurity contract in August.
Analogic develops imaging, detection, artificial intelligence and automation technologies for aviation security, critical infrastructure, healthcare and industrial markets. The company was acquired by private equity firm Altaris in a $1.1bn take-private transaction in 2018.
The financing follows a series of private credit transactions involving technology and AI-related businesses. Blackstone was reportedly also among the lenders involved in a recent financing for Waymo, Alphabet’s autonomous driving subsidiary, which was increased to $5bn amid rising investment costs associated with AI development.
