Blackstone’s credit and insurance arm is leading a $1 billion financing package to support the combination of Analogic Corporation with three of Leidos Holdings’ business lines, Security Enterprise Solutions, Ports & Borders, and Industrial Automation, in a deal that creates one of the larger global players in security imaging and detection technology.
Blackstone Credit & Insurance served as lead lender and joint lead arranger, syndicating the financing alongside HPS, Bank of America and Wells Fargo, reflecting the kind of large-scale private credit deal that has increasingly displaced traditional syndicated bank loans for complex corporate combinations.
By combining Analogic’s imaging technology with Leidos’ security-focused units, the resulting company is positioned to serve airports, ports, borders and other critical infrastructure operators that rely on detection and screening systems, consolidating capabilities that previously sat in separate corporate structures.
The transaction adds to a run of large private credit deals financing security, defense-adjacent and industrial combinations, as asset managers like Blackstone continue expanding direct-lending businesses that can move quickly on billion-dollar-plus financings outside the traditional bank syndication process.
The combination closed earlier in October, giving the newly formed security imaging and detection business a fully financed capital structure from the outset, as Leidos continues reshaping its portfolio around higher-growth, mission-critical segments of its business.
