Leidos signed a definitive agreement on 26 January to acquire ENTRUST Solutions Group, a utility engineering and consulting firm, from Kohlberg for approximately $2.4bn in cash.
Why Leidos Holdings, Inc. is buying ENTRUST Solutions Group
Leidos said the deal would effectively double its roughly $600m energy infrastructure engineering business, creating a unit of more than 5,500 energy professionals, and forms part of its NorthStar 2030 strategy focused on secure energy infrastructure. It expects the deal to be immediately accretive to revenue growth and adjusted EBITDA margin.
“This deal is a bold step forward in support of Leidos' growth strategy.”
Deal terms and financing
The all-cash price is to be funded through new debt, cash on hand and commercial paper. Leidos expects the acquisition to add to non-GAAP diluted earnings per share in 2027.
Regulatory approvals and timing
The deal was expected to close by the end of the second quarter of 2026, subject to regulatory approvals. Leidos announced on 30 March 2026 that it had completed the acquisition.
Market context
ENTRUST, based in Warrenville, Illinois and formerly known as EN Engineering, provides engineering, design, asset integrity, data and automation services to utilities, operators and industrial customers. ENR ranks it 60th among US design firms, with $488.6m of 2024 design revenue, 98% of it from energy. Kohlberg bought the company in 2019.
