The Belgian government has blocked a company with Chinese background from acquiring NHV, a helicopter operator in Belgium.
On Wednesday, August 5th, RotorHub International, a specialized international media outlet focusing on civil and parapublic rotorcraft industries, reported that NHV announced that its sale to GD Helicopter Finance Company (GDHF) could not proceed due to intervention by the Belgian Federal Screening Committee.
NHV, headquartered in Ostend, Belgium, specializes in business-to-business (B2B) helicopter services with a team of over 450 personnel.
GDHF, based in Dublin, Ireland, is a global helicopter leasing and financial services company and is part of the Chinese company GDAT Group.
In December 2025, GDHF signed an acquisition agreement with NHV, with the acquisition expected to be completed in the first quarter of 2026 after meeting regulatory approval and other customary closing conditions.
However, following the blocking of the acquisition by the Belgian Federal Screening Committee (Belgian Interfederal Screening Committee), NHV announced on Wednesday that the planned acquisition would not proceed.
The committee’s role is to review investments by non-EU entities in specific businesses, including energy, which could potentially give overseas investors control over the company.
Given that GDHF is owned by the GDAT Group, the acquisition case has drawn particular attention from the committee.
The news of NHV’s sale sparked a series of protests, with some media outlets in the Flemish-speaking region paying particular attention to the issue. Reports indicated that NHV is an important part of the national infrastructure, serving as the de facto flagship airline of the Flemish region since the closure of VLM in 2018.
It remains to be seen whether NHV will seek other buyers and which potential buyers outside the EU both express interest in acquiring NHV and can obtain approval from the federal screening committee.
NHV has assured that its operations are running normally. CEO Lars Henrik Thorgren commented on the regulatory decision on social media, stating, “As CEO, I want to assure our employees, customers, and partners that NHV remains a strong and independent company. Our strategy, operations, and commitments remain unchanged, and we will continue to focus on providing safe and reliable helicopter services.”