We are advising Leidos on the transaction

Davis Polk is advising Leidos on its $2.4 billion acquisition of ENTRUST Solutions Group from Kohlberg. The transaction is expected to close by the end of the second quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals.

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025.

ENTRUST Solutions Group’s more than 3,100 professionals across over 40 locations in North America provide comprehensive and dependable engineering, consulting, design, asset integrity, data solutions and automation services to utilities, operators and industrial customers with excellence from start to finish.

Founded in 1987, Kohlberg is a leading middle market private equity firm based in Mount Kisco, New York. The firm invests in healthcare and services companies characterized by strong market positions, recurring revenue streams and resilient end markets, which it identifies through rigorous thematic research. As of September 30, 2025, Kohlberg manages approximately $17 billion on behalf of investors globally.

The Davis Polk corporate team includes partners William J. Chudd and Lee Parnes, counsel Dmitriy Molchanov and associate Willa Lu. Partner Scott M. Herrig is providing finance advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Corey M. Goodman is providing tax advice. Partner Frank Azzopardi is providing intellectual property advice. Partner Nathaniel L. Asker is providing antitrust and competition advice. Counsel Lawrence R. Plotkin is providing real estate advice. Counsel David A. Zilberberg is providing environmental advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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