Blackstone leads $1B debt deal to merge Analogic with Leidos security units
What's the deal? Blackstone Credit & Insurance (BXCI) is leading a $1 billion financing to support the combination of Analogic CorporationDealroom has a profile for this one. Try Dealroom → with the Security Enterprise Solutions, Ports & Borders, and Industrial Automation businesses of Leidos Holdings. The deal, announced October 12, 2026, closed earlier that month.
Who's involved? BXCI served as lead lender and joint lead arranger, alongside HPSDealroom has a profile for this one. Try Dealroom →, Bank of America, and Wells FargoDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The combination creates a larger global security imaging and detection company serving airports, ports, borders, and critical infrastructure. Analogic, based in Salem, New Hampshire, builds imaging, detection, automation, and power technology for aviation security, healthcare, and industrial markets.
"We are pleased to support the combined business with this financing solution to help create a scaled, integrated leader in security detection," said Brad Colman, BXCI's global head of healthcare investing and sponsor coverage for private credit strategies.
The numbers behind the partners: Leidos, headquartered in Reston, Virginia, with roughly 50,000 employees, reported annual revenues of about $17.2 billion for the fiscal year ended January 2, 2026. AltarisDealroom has a profile for this one. Try Dealroom →, which backs Analogic, manages $10 billion of equity capital and has invested in more than 50 healthcare companies since 2003.
The signal: At $1 billion, this debt financing ranks among the largest of its kind in US health-sector lending — in the top 1% of more than 4,500 comparable deals. It reflects private credit's growing role in funding large, carve-out mergers that bundle security, imaging, and detection assets into bigger platforms.
Read more: hk.marketscreener.com
Image credit: shankar s.
