Blackstone Credit & Insurance leads $1 billion loan for Analogic merger

Blackstone Credit & Insurance led a $1 billion financing for the company formed by merging Analogic Corporation with three businesses previously owned by Leidos, Insurance Business America reported. The transaction closed earlier this month.

BXCI was lead lender and joint lead arranger alongside HPS, Bank of America and Wells Fargo. The combined company makes screening and detection technology used at airports, ports, borders and critical infrastructure. The three Leidos businesses folded into it were Security Enterprise Solutions, Ports & Borders, and Industrial Automation.

“This transaction reflects our ability to provide large-scale, flexible capital to market-leading platforms,” said Brad Colman, global head of healthcare investing and sponsor coverage for private credit strategies at BXCI.

According to Blackstone's latest annual report, the unit managed $443 billion in total assets at the end of 2025. Insurance Business America describes it as one of the largest private credit managers serving insurance companies.

The insurance platform runs investment management for carriers' general accounts, building portfolios that include Blackstone-managed products and loans Blackstone originates; Blackstone says its insurance strategies focus mainly on investment-grade private credit. Blackstone has also said institutional and insurance clients account for about three-quarters of assets on its credit platform, and that those clients kept committing to private credit while some retail-focused vehicles saw withdrawals.

For life and annuity carriers, private credit has become a central source of the yield backing long-dated policyholder liabilities, and managers compete to originate it. That dependence has drawn closer regulatory attention to how insurers value, rate and hold private credit assets.

The Bermuda Monetary Authority has told insurers they still own the risk in outsourced private credit, and Eiopa has set pre-authorisation expectations for private-equity-backed insurers. Insurance Business America notes the read-across for brokers and advisers who sell annuities and life products: carriers' financial strength increasingly rests on asset classes less transparent than public bonds, which matters when comparing ratings and investment portfolios.