Blackstone leads $1B private credit deal for Leidos-Analogic security merger
What's the deal? Blackstone is leading a $1 billion private credit financing to support the combination of the security enterprise solutions businesses of Leidos HoldingsDealroom has a profile for this one. Try Dealroom → and AnalogicDealroom has a profile for this one. Try Dealroom → Corporation, according to Bloomberg. Blackstone Credit & Insurance is acting as lead lender and joint lead arranger alongside HPS Investment PartnersDealroom has a profile for this one. Try Dealroom →, Bank of America, and Wells Fargo.
Who's involved? Leidos, a publicly listed engineering and technology services company, serves government and commercial clients, including US intelligence agencies and federal health programmes. The Virginia-based group generated $17.2 billion in revenue in 2025 and secured a $301 million US Army cybersecurity contract in August.
The other side: AnalogicDealroom has a profile for this one. Try Dealroom → develops imaging, detection, artificial intelligence, and automation technologies for aviation security, critical infrastructure, healthcare, and industrial markets. Private equity firm AltarisDealroom has a profile for this one. Try Dealroom → took it private in a $1.1 billion deal in 2018.
Why it matters: At $1 billion, this ranks among the largest debt rounds for a US security company on record — above the 99th percentile across 633 comparable deals.
What's the context? The financing follows a run of private credit transactions tied to technology and AI businesses. Blackstone was also among the lenders in a recent financing for Waymo, AlphabetDealroom has a profile for this one. Try Dealroom →'s autonomous driving unit, which was increased to $5 billion amid rising AI development costs.
The signal: Private credit continues to move into large, strategic deals once dominated by traditional bank lending. As security and AI-adjacent companies consolidate, firms like Blackstone are positioning themselves as the financiers of choice for billion-dollar combinations.
Read more: privateequitywire.co.uk
Image credit: Generated with Gemini
