BXCI Secures $1 Billion Financing Role Backing Combined Security Detection Firm

Blackstone Credit & Insurance (BXCI) announced on October 12, 2026 that it is leading a $1 billion financing in support of the combination of Analogic Corporation with the Security Enterprise Solutions, Ports & Borders and Industrial Automation businesses of Leidos Holdings, Inc. (LDOS ) BXCI served as lead lender and joint lead arranger on the transaction, along with HPS, Bank of America (BAC ) and Wells Fargo. The underlying transaction closed earlier in October 2026.

Blackstone characterized the combination as creating a stronger global security imaging and detection company with broader capabilities, deeper customer relationships and greater scale to support customers across airports, ports, borders, critical infrastructure and other mission-critical environments.

“We are pleased to support the combined business with this financing solution to help create a scaled, integrated leader in security detection,” said Brad Colman, Global Head of Healthcare Investing and Sponsor Coverage for Private Credit Strategies in BXCI. “This transaction reflects our ability to provide large-scale, flexible capital to market-leading platforms.”

The Combined Company

Analogic, Altaris and Leidos announced the completion of the transaction on October 5, 2026. The combined company operates under the Analogic brand as a privately held company headquartered in Salem, New Hampshire, led by Analogic Chief Executive Officer Tom Ripp. Leidos will retain a significant minority ownership stake in the company; Leidos’ completion release carried an October 2, 2026 dateline from Reston, Virginia.

Leidos Chief Executive Officer Tom Bell said the joint venture “creates an American innovator with the technology, talent and scale to address rapidly evolving global security screening needs,” and that its launch sharpens Leidos’ focus on the growth engines driving its NorthStar 2030 strategy. Bell added that the combination reinforces Leidos’ commitment to the national security missions and markets it serves. Leidos stated that, in parallel with the joint venture, it will continue its work across the broader aviation ecosystem, including modernizing airports and air traffic systems.

Ripp said the combination brings together two highly complementary organizations and creates a stronger, more focused global security imaging and detection company, and he said the combined business is positioned to support customers across the full lifecycle of security screening and detection, from innovation and engineering through deployment, service and long-term support. Analogic’s announcement states that the new company brings together proven technologies, advanced imaging expertise, global customer relationships, manufacturing capabilities and lifecycle service and support experience, focused on mission-critical security imaging and detection for airports, ports, borders, critical infrastructure and other high-consequence environments.

Agreement Terms and Advisors

Leidos and Altaris entered into the joint venture agreement on April 15, 2026, combining Leidos’ Security Enterprise Solutions business with Altaris-owned Analogic into a single U.S.-based enterprise with global operational reach, according to Leidos’ agreement announcement. Under the agreement, Leidos contributes approximately 1,500 employees representing $625 million in projected 2026 revenue to the joint venture.

The April 2026 announcement stated that the transaction was expected to close in the second half of 2026, subject to customary closing conditions including receipt of regulatory approvals. The companies stated that consolidating the two businesses aims to improve security product innovation while unlocking efficiencies in research and development, manufacturing and operations of next-generation screening technologies, and to support a faster transition to AI-native and 3D imaging solutions.

Leidos retained PJT Partners (PJT ) as financial advisor, Fried, Frank, Harris, Shriver & Jacobson LLP and DLA Piper as legal advisors and KPMG as accounting advisor in connection with the transaction. Kirkland & Ellis LLP and Hinckley Allen & Snyder LLP acted as legal advisors to Analogic, along with Ernst & Young LLP as accounting advisor.

BXCI’s investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit, according to Blackstone’s release, which also describes BXCI as a provider of investment management services for insurers.

Analogic, headquartered in Salem, New Hampshire, designs, develops, manufactures and supports advanced imaging, detection, automation and power technology solutions for aviation security, ports and borders, critical infrastructure, healthcare and industrial markets. Leidos, headquartered in Reston, Virginia, has approximately 50,000 global employees and reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026.

Altaris is a New York City-headquartered investment firm with an exclusive focus on acquiring and building companies in the healthcare industry, and it has invested in more than 50 companies since its inception in 2003. Blackstone’s and Analogic’s releases state that Altaris manages $10 billion of equity capital, while Leidos’ releases state the firm manages more than $9 billion.