Leidos has reached an agreement to acquire ENTRUST Solutions Group from Kohlberg in a deal valued at around $2.4bn in cash.
The transaction, which is expected to close by the end of the second quarter of 2026, subject to customary closing conditions and regulatory approvals, will be funded through a mix of new debt, available cash and commercial paper.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Kohlberg initially acquired ENTRUST in 2019 and completed a minority recapitalisation in 2023; this sale represents an exit for the private equity firm.
ENTRUST currently employs more than 3,000 professionals across 40 locations in North America.
The company provides consulting, design and engineering services to a broad base of customers, with its expertise covering both gas and electric utilities across generation, transmission and distribution.
Leidos expects the integration of ENTRUST to double the scale of its existing $600m energy infrastructure engineering business, which has shown sustained growth over the past eight years.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe acquisition is expected to increase Leidos’ access to utility sector markets and widen its client base among utilities.
It forms part of Leidos’ NorthStar 2030 strategy, which focuses on engineering and technology for secure energy infrastructure.
ENTRUST CEO Adam Biggam said: “By joining Leidos, we are uniting world-class power and energy engineering expertise to create a leading end-to-end infrastructure platform. Our combined 5,500-plus energy professionals will have the resources, technology and reach to tackle the most complex challenges facing the utility and power markets today.”
Citi served as financial advisor to Leidos, with Davis Polk & Wardwell providing legal advice and PricewaterhouseCoopers acting as accounting advisor.
On the seller side, Houlihan Lokey and Perella Weinberg Partners acted as financial advisers, Ropes & Gray provided legal advice and KPMG served as accounting adviser.
