Leidos to buy ENTRUST; Neuberger exits for $2.4B, boosting grid .

Leidos has agreed to acquire consulting and engineering firm ENTRUST Solutions Group in a deal that will see Neuberger Berman Capital Solutions exit its minority holding as part of an approximately $2.4 billion transaction. The purchase, announced by the parties, highlights growing strategic interest in utility‑focused engineering capabilities as grid investment accelerates across North America.

Neuberger Berman Private Markets first invested alongside existing sponsor Kohlberg & Company in August 2023, backing ENTRUST's expansion. The stake being sold was held across several client portfolios managed by Neuberger, which credited management for expanding service lines and geography during the partnership. ENTRUST operates from more than 40 locations and employs over 3,100 professionals serving utilities, transmission owners and infrastructure operators.

The transaction will fold ENTRUST’s consulting, design and engineering capabilities into Leidos’ broader technical services platform, strengthening the acquirer's presence in power and transmission services. The deal is subject to customary closing conditions and regulatory approvals and is targeted to close in the second quarter of 2026.

In statements, J.T. Munch, Managing Director of Neuberger Berman Capital Solutions, congratulated the ENTRUST team and highlighted the firm’s role in supporting strategic investments and management hiring. ENTRUST CEO Adam Biggam described Neuberger as an active partner in scaling capabilities and positioning the business for the next phase of growth under Leidos.

Market context: the deal reflects intensified consolidation in the utility engineering and infrastructure services market as public funding and private investment converge on grid modernization. Federal initiatives and state grid programs have driven multi‑billion dollar pipelines for transmission and distribution upgrades; acquirers are targeting firms with deep technical skills and regional footprints to capture long‑duration service contracts. Strategic buyers like Leidos are seeking bolt‑on assets to offer end‑to‑end solutions across design, construction support and system modernization.

Financial advisors on the transaction included major investment banks for both sides, and both sellers and buyer retained legal and accounting counsel to shepherd the process. While specific multiples and the split of proceeds among investors were not disclosed, the transaction size — roughly $2.4 billion — signals robust valuations for niche engineering platforms with recurring utility customers.

Implications: the acquisition should accelerate ENTRUST’s access to broader programmatic work within Leidos and give Leidos scale in the power sector at a time when owners are replacing aging assets and integrating renewables and distributed resources. For the private markets community, the exit provides a reminder that specialized engineering platforms remain attractive exit targets for strategic buyers pursuing infrastructure adjacencies.