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Latest News  + Alternative Assets  + Direct Investment  + Infrastructure  + M&As  + Real Assets  |  February 3, 2026
Leidos has agreed to acquire ENTRUST Solutions Group from Kohlberg for approximately $2.4 billion, a move that significantly expands Leidos’ position as a leading engineering solutions provider for utilities across the U.S. The acquisition will effectively double the size of Leidos’ roughly $600 million energy infrastructure engineering business, which the company said has delivered double-digit revenue growth and double-digit margins for the past eight years. The deal adds complementary capabilities at a time when utilities are ramping spending to modernize aging systems and strengthen grid resilience. For more than 20 years, Leidos has provided engineering services to commercial electric utilities, with a focus on transmission and distribution. ENTRUST brings engineering expertise spanning the full power delivery value chain—from generation through transmission and distribution—across both gas and electric utilities. “This deal is a bold step forward in support of Leidos’ growth strategy and a national priority to expand America’s energy infrastructure, while improving reliability and resilience against aging systems and extreme weather events,” said Tom Bell, chief executive officer of Leidos. The all-cash transaction is expected to close by the end of the second quarter of 2026. Leidos said the acquisition will be immediately accretive to revenue growth and adjusted EBITDA margin and accretive to non-GAAP diluted earnings per share in 2027. The company plans to fund the purchase with a combination of new debt, cash on hand, and commercial paper. Citi is serving as financial adviser to Leidos, with Davis Polk & Wardwell LLP as legal adviser and PwC as accounting adviser. Digital transformation and the explosive growth of AI are driving unprecedented energy demands in data centers across North America. That’s why every energy investor, vendor, and provider needs to attend Connect North American Investment in Digital Infrastructure & AI in Montreal on February 11. With speakers from BluWave-ai, Hydrogen Energy Research Center, Vantage Data Centers, AVAIO Capital, and more, this is the premier gathering for those shaping the future of energy and technology. This event is your gateway to connect directly with industry leaders, discover the latest opportunities, and gain valuable insights into powering next-generation digital infrastructure. Register today at www.connectdigitalai2026.com
Joe Palmisano
By: Joe Palmisano

Leidos to Acquire ENTRUST in $2.4B Energy Infrastructure Deal

Leidos has agreed to acquire ENTRUST Solutions Group from Kohlberg for approximately $2.4 billion, a move that significantly expands Leidos’ position as a leading engineering solutions provider for utilities across the U.S. 

The acquisition will effectively double the size of Leidos’ roughly $600 million energy infrastructure engineering business, which the company said has delivered double-digit revenue growth and double-digit margins for the past eight years. The deal adds complementary capabilities at a time when utilities are ramping spending to modernize aging systems and strengthen grid resilience. 

For more than 20 years, Leidos has provided engineering services to commercial electric utilities, with a focus on transmission and distribution. ENTRUST brings engineering expertise spanning the full power delivery value chain—from generation through transmission and distribution—across both gas and electric utilities. 

“This deal is a bold step forward in support of Leidos’ growth strategy and a national priority to expand America’s energy infrastructure, while improving reliability and resilience against aging systems and extreme weather events,” said Tom Bell, chief executive officer of Leidos. 

The all-cash transaction is expected to close by the end of the second quarter of 2026. Leidos said the acquisition will be immediately accretive to revenue growth and adjusted EBITDA margin and accretive to non-GAAP diluted earnings per share in 2027. The company plans to fund the purchase with a combination of new debt, cash on hand, and commercial paper. 

Citi is serving as financial adviser to Leidos, with Davis Polk & Wardwell LLP as legal adviser and PwC as accounting adviser. 

Digital transformation and the explosive growth of AI are driving unprecedented energy demands in data centers across North America. That’s why every energy investor, vendor, and provider needs to attend Connect North American Investment in Digital Infrastructure & AI in Montreal on February 11. With speakers from BluWave-ai, Hydrogen Energy Research Center, Vantage Data Centers, AVAIO Capital, and more, this is the premier gathering for those shaping the future of energy and technology. This event is your gateway to connect directly with industry leaders, discover the latest opportunities, and gain valuable insights into powering next-generation digital infrastructure. Register today at www.connectdigitalai2026.com 

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Inside The Story

Leidos ENTRUST Solutions Group

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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