Key Takeaways
- • Blackstone Credit & Insurance (BXCI) led a $1 billion financing supporting the combination of Analogic Corporation with the Security Enterprise Solutions, Ports & Borders and Industrial Automation businesses of Leidos Holdings (NYSE: LDOS).
- • The transaction closed earlier in the month, per the announcement, creating a combined global security imaging and detection company serving airports, ports, borders, and critical infrastructure.
- • BXCI served as lead lender and joint lead arranger, alongside HPS, Bank of America, and Wells Fargo.
- • Altaris, a healthcare-focused investment firm managing $10 billion in equity capital, is referenced in the release's boilerplate but its specific role in the transaction is not detailed in the source.
Summary
Blackstone Credit & Insurance ("BXCI") announced that it is leading a $1 billion financing in support of the combination of Analogic Corporation ("Analogic") with the Security Enterprise Solutions, Ports & Borders and Industrial Automation businesses of Leidos Holdings, Inc. (NYSE: LDOS), according to a Business Wire release. The transaction closed earlier in the month, and the release links to Leidos' announcement of the closing.
The combination is positioned by the parties as creating a stronger global security imaging and detection company with broader capabilities, deeper customer relationships and greater scale. Target end markets include airports, ports, borders, critical infrastructure and other mission-critical environments. Analogic, headquartered in Salem, New Hampshire, provides advanced imaging, detection, automation and power technology for aviation security, ports and borders, critical infrastructure, healthcare and industrial markets. Leidos, headquartered in Reston, Virginia, reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026.
Brad Colman, Global Head of Healthcare Investing and Sponsor Coverage for Private Credit Strategies at BXCI, said the firm was pleased to support the combined business with a financing solution to help create a scaled, integrated leader in security detection. He described the transaction as reflecting BXCI's ability to provide large-scale, flexible capital to market-leading platforms.
BXCI served as lead lender and joint lead arranger, with HPS, Bank of America and Wells Fargo also participating as joint lead arrangers. The release's boilerplate describes Altaris, a healthcare-focused investment firm that has invested in more than 50 companies since 2003, but the source does not specify its role in this financing.
The combination is positioned by the parties as creating a stronger global security imaging and detection company with broader capabilities, deeper customer relationships and greater scale. Target end markets include airports, ports, borders, critical infrastructure and other mission-critical environments. Analogic, headquartered in Salem, New Hampshire, provides advanced imaging, detection, automation and power technology for aviation security, ports and borders, critical infrastructure, healthcare and industrial markets. Leidos, headquartered in Reston, Virginia, reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026.
Brad Colman, Global Head of Healthcare Investing and Sponsor Coverage for Private Credit Strategies at BXCI, said the firm was pleased to support the combined business with a financing solution to help create a scaled, integrated leader in security detection. He described the transaction as reflecting BXCI's ability to provide large-scale, flexible capital to market-leading platforms.
BXCI served as lead lender and joint lead arranger, with HPS, Bank of America and Wells Fargo also participating as joint lead arrangers. The release's boilerplate describes Altaris, a healthcare-focused investment firm that has invested in more than 50 companies since 2003, but the source does not specify its role in this financing.
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