Belgium blocks Chinese-linked takeover of Ostend helicopter operator NHV over national security concerns

The Belgian authorities have blocked the planned acquisition of Ostend-based helicopter operator NHV Group by GD Helicopter Finance (GDHF), citing concerns over national security, strategic interests and the company’s potential involvement in Belgian military helicopter maintenance.

The proposed transaction, announced in December 2025, would have seen GDHF acquire NHV Group from French private equity firm Ardian, which has controlled the Belgian helicopter operator since 2013.

Although GD Helicopter Finance is headquartered in Dublin, Ireland, the company is ultimately linked to China’s GDAT Group, a Shanghai-based helicopter operator and leasing company. The transaction would therefore have effectively placed the Belgian operator under Chinese ownership.

NHV confirmed on 5 August that the acquisition would no longer proceed following a decision by Belgium’s Interfederal Screening Committee, which examines foreign investments that could affect national security, critical infrastructure or the country’s strategic interests.

The Belgian foreign investment screening mechanism has been in force since July 2023 and allows authorities to scrutinise, and ultimately block, acquisitions by non-EU investors in sensitive sectors.

Economy Minister David Clarinval said the screening procedure had identified “risks to national security, Belgium’s strategic interests and possible links with the defence sector”.

Clarinval stressed, however, that Belgium remains open to foreign investment. The Interfederal Screening Committee is “certainly not intended to discourage investment, but to ensure that our national security, critical infrastructure or strategic autonomy are not harmed,” he said.

According to the minister’s office, this is the first time since Belgium introduced its foreign investment screening mechanism three years ago that an investment has effectively been blocked, making the decision “highly exceptional”.

Concerns over critical North Sea infrastructure

The proposed takeover had already attracted the attention of the Belgian authorities earlier this year.

NHV, headquartered in Ostend, operates around 28 helicopters and employs more than 400 people. Its activities include offshore crew transport, search and rescue, emergency medical services, maritime operations, maintenance and helicopter training.

A significant part of its business involves transporting personnel to offshore wind farms and oil and gas installations in the North Sea. These facilities form part of critical energy infrastructure, raising concerns that Chinese ownership of the helicopter operator could potentially provide access to sensitive information concerning their operations.

Belgium’s military intelligence service, ADIV, had consequently examined the planned takeover amid concerns about possible implications for national security.

Belgian military helicopter maintenance

An additional and potentially more sensitive issue concerned NHV’s ambitions in the defence sector.

Belgium has ordered 20 Airbus H145M helicopters through the NATO Support and Procurement Agency, comprising 15 aircraft for the Belgian Armed Forces and five for the Federal Police.

Airbus is responsible for maintenance under the programme, while NHV has been seeking to participate as a subcontractor.

The planned takeover therefore raised the prospect of a company ultimately under Chinese ownership becoming involved in maintaining Belgium’s new military helicopter fleet.

The issue had already caused concern within the Defence Ministry earlier this year, with the potential maintenance contract reportedly put on hold pending clarification of NHV’s future ownership.

The first Belgian H145M was delivered by Airbus in June 2026.

First announced in December

NHV announced the proposed acquisition by GDHF on 22 December 2025, saying at the time that the new ownership structure would strengthen its long-term position and provide additional financial and operational flexibility.

GDHF described the transaction as combining its helicopter leasing and financing activities with NHV’s position as a major European helicopter operator and maintenance provider.

The companies already have commercial links. Earlier this year, NHV introduced two new Airbus H160 helicopters leased from GDHF. The aircraft are initially being operated from Den Helder in the Netherlands for offshore oil, gas and wind-energy missions.

Those commercial arrangements are not necessarily affected by the rejection of the acquisition.

NHV remains under existing ownership

Following the Belgian authorities’ decision, GDHF confirmed that it had abandoned the proposed acquisition.

NHV said there would be no change to the company’s ownership or control. Its management, operations, customer commitments and strategic direction also remain unchanged.

The company therefore remains majority-owned by Ardian.

The decision represents a significant application of Belgium’s relatively new foreign investment screening regime and illustrates the increasing scrutiny being placed on foreign ownership of European companies operating close to critical energy infrastructure and defence activities.

For NHV, meanwhile, the immediate consequence is clear: the Ostend-based helicopter operator will remain under its existing ownership rather than passing under the control of the Chinese-linked aviation group.