By Rene Ismail | Updated on Oct 12, 2026 at 01:30 PM
Blackstone Inc. is leading a $1 billion private credit financing to back a business combination between the security enterprise solution units of Leidos Holdings Inc. and engineering firm Analogic Corp.
Blackstone Credit & Insurance is serving as lead lender and joint lead arranger alongside the likes of HPS Investment Partners, Bank of America and Wells Fargo, according to a statement seen by Bloomberg.
Leidos, a publicly traded company, provides engineering services to government and commercial clients, as well as intelligence agencies and federal health programs. In August, Leidos inked a $301 million contract with the U.S. Army to help the Defense Department detect and defend against cyber threats. The Virginia-based firm generated $17.2 billion in revenue in 2025.
Analogic provides advanced enterprise solutions ranging from imaging and detection to artificial intelligence and automation. The company designs and manufactures a portfolio of products for aviation security, critical infrastructure, healthcare and industrial markets globally, and was taken private by investment firm Altaris in a $1.1 billion deal in 2018.
Blackstone’s financing for Analogic and Leidos follows a handful of notable AI-adjacent deals in recent months. Last week, Blackstone was among the investors on a private loan deal for Waymo, Alphabet Inc.’s autonomous driving unit, which was boosted to $5 billion amid rising artificial-intelligence costs.
Read More: Waymo Boosts Private Debt Deal to $5 Billion in Push for Growth