Neuberger Berman Capital Solutions Exits Minority Investment in ENTRUST Solutions Group Through Sale to Leidos for $2.4 Billion
Neuberger Berman Capital Solutions exited its minority investment in ENTRUST Solutions Group through a sale to Leidos (NYSE:LDOS) for approximately $2.4 billion.
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Rhea-AI Summary
Neuberger Berman Capital Solutions exited its minority investment in ENTRUST Solutions Group through a sale to Leidos (NYSE:LDOS) for approximately $2.4 billion. Neuberger originally acquired its minority stake in August 2023 and held the investment across client portfolios managed by Neuberger.
ENTRUST, headquartered in Lisle, Illinois, employs over 3,100 professionals across more than 40 locations and provides consulting, design, and engineering services to U.S. utility and infrastructure customers. The transaction, which involved multiple financial, legal, and accounting advisors on both sides, is subject to customary closing conditions and regulatory approvals and is expected to close in Q2 2026.
Positive
- Sale value of approximately $2.4 billion
- Neuberger realizes exit after Aug 2023 minority investment
- ENTRUST scale: over 3,100 professionals across 40+ locations
Negative
- Transaction is subject to regulatory approvals and customary closing conditions
- Expected close in Q2 2026 leaves multi-quarter execution risk
Details
News Market Reaction – LDOS
On Jan 27, the day this news came out, LDOS closed 1.24% below the previous close.
Data tracked by StockTitan Argus for the Jan 27 session.
Key Figures
- Entrust purchase price
- $2,400,000,000
- Base cash purchase price per 8-K Stock Purchase Agreement
- Bridge credit facility
- $1.4 billion
- Senior unsecured 364-day bridge facility commitment from Citigroup
- SOFR margin range
- 1.00%–1.50%
- Ratings-based margin range for SOFR borrowings on bridge facility
- Initial SOFR margin
- 1.25%
- Initial applicable margin for SOFR borrowings on bridge facility
- Deal value (press release)
- $2.4 billion
- Approximate ENTRUST sale value to Leidos cited in article
- Entrust professionals
- over 3,100
- Number of ENTRUST professionals across the U.S.
- Entrust locations
- 40+ locations
- ENTRUST office and work locations across the country
- Outside date
- August 14, 2026
- Date after which Entrust acquisition agreement may be terminated
Historical Context
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24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The investment was held by several client portfolios managed by Neuberger.
Headquartered in
"We'd like to congratulate ENTRUST on their upcoming partnership with Leidos. It's been a privilege to partner with Adam and team over the past several years, as they've continued to build a business positioned for long-term success," said J.T. Munch, Managing Director, Neuberger Berman Capital Solutions. "We are grateful for their hard work and dedication and are excited to watch as ENTRUST's next chapter unfolds."
"Neuberger has been an exceptional partner to the ENTRUST team," said Adam Biggam, ENTRUST CEO. "Their support has been vital in advancing key strategic investments and assembling a best‑in‑class team that positions us to strengthen
Leidos retained Citi as financial advisor, Davis Polk & Wardwell LLP as legal advisor and PwC as accounting advisor in connection with the transaction.
ENTRUST, Kohlberg, and Neuberger retained Houlihan Lokey and Perella Weinberg Partners as financial advisors, Ropes & Gray as legal advisor, and KPMG as accounting advisor in connection with the transaction.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026.
About Neuberger Berman Private Markets
Neuberger Berman Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Berman Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of September 30, 2025, Neuberger Berman Private Markets manages over
Neuberger Berman Capital Solutions, a part of Neuberger Berman Private Markets, provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. Neuberger Berman Capital Solutions manages
About ENTRUST Solutions Group
ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets with 3,100+ professionals working from 40+ locations across
Media Contacts:
Neuberger: Soogyung Jordan: Soogyung.jordan@nb.com
Entrust: Ali Preston: apreston@entrustsol.com
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SOURCE Neuberger Berman
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