Blackstone Credit & Insurance led a $1 billion financing to support the combination of Analogic Corporation with the Security Enterprise Solutions, Ports & Borders, and Industrial Automation businesses of Leidos Holdings.
The transaction brings together Analogic with the Leidos businesses to create a larger global security imaging and detection company serving airports, ports, borders, critical infrastructure, and other mission-critical environments.
The combination closed earlier in October 2026.
Blackstone Credit & Insurance served as lead lender and joint lead arranger on the financing.
HPS, Bank of America, and Wells Fargo also served as joint lead arrangers.
The combined company brings together broader security detection capabilities, expanded customer relationships, and greater operating scale.
Analogic is headquartered in Salem, New Hampshire, and provides advanced imaging, detection, automation, and power technology solutions.
Its portfolio serves aviation security, ports and borders, critical infrastructure, healthcare, and industrial markets.
Analogic combines imaging technologies, artificial intelligence, precision power, automation, and lifecycle support capabilities.
Blackstone Credit & Insurance said the financing demonstrates its ability to provide large-scale and flexible capital to established platforms.
BXCI invests across private investment grade, asset-based lending, public investment grade and high yield, infrastructure debt, direct lending, collateralized loan obligations, sustainable resources, and opportunistic credit.
Altaris, which focuses exclusively on healthcare investments, manages $10 billion of equity capital and has invested in more than 50 companies since its founding in 2003.
Leidos has approximately 50,000 employees globally and reported annual revenue of approximately $17.2 billion for the fiscal year ended January 2, 2026.
KEY QUOTES:
“We are pleased to support the combined business with this financing solution to help create a scaled, integrated leader in security detection. This transaction reflects our ability to provide large-scale, flexible capital to market-leading platforms.”
Brad Colman, Global Head of Healthcare Investing and Sponsor Coverage for Private Credit Strategies at Blackstone Credit & Insurance
