Blackstone leads $1bn private credit financing for Leidos-Analogic merger

Blackstone is reportedly leading a $1 billion private credit financing initiative. This financing is intended to support the combination of the security enterprise solutions businesses of Leidos Holdings and Analogic Corporation, as reported by Bloomberg.

Blackstone Credit & Insurance is acting as the lead lender and joint lead arranger for this private credit facility. They are joined in this role by HPS Investment Partners, alongside financial institutions Bank of America and Wells Fargo, according to a statement cited by Bloomberg.

Leidos, a publicly traded engineering and technology services firm, offers services to government and commercial clients, including US intelligence agencies and federal health programs. The Virginia-based group generated $17.2 billion in revenue in 2025 and secured a $301 million US Army cybersecurity contract in August of the same year.

Analogic Corporation specializes in developing technologies such as imaging, detection, artificial intelligence, and automation. Its applications span various markets including aviation security, critical infrastructure, healthcare, and industrial sectors. The company was acquired by private equity firm Altaris in a $1.1 billion take-private transaction in 2018.

This financing arrangement follows a series of private credit transactions observed within the technology and AI-related business landscape. Blackstone was also among the lenders involved in a financing round for Waymo, Alphabet's autonomous driving subsidiary, which was increased to $5 billion amid rising investment costs associated with AI development.