Blackstone leads $1 billion loan for Analogic-Leidos deal

Blackstone Credit & Insurance announced on October 12, 2026, that it is leading a $1 billion financing package. The facility supports the combination of Analogic Corporation with the Security Enterprise Solutions, Ports & Borders, and Industrial Automation businesses of Leidos Holdings. The merger closed earlier in the month.

The transaction establishes a global security imaging and detection business serving airports, ports, borders, and critical infrastructure. Blackstone Credit & Insurance acted as lead lender and joint lead arranger alongside HPS, Bank of America, and Wells Fargo.

Brad Colman, Global Head of Healthcare Investing and Sponsor Coverage for Private Credit Strategies at Blackstone Credit & Insurance, stated that the transaction reflects the firm's capacity to deliver large-scale, flexible capital to market-leading platforms.

Analogic is backed by healthcare investment firm Altaris, which manages $10 billion of equity capital. Reston, Virginia-based Leidos employs approximately 50,000 workers globally and reported annual revenue of approximately $17.2 billion for the fiscal year ended January 2, 2026.