Belgium has blocked the acquisition of Ostend-based helicopter operator NHV Group by GD Helicopter Finance (GDHF), an Irish lessor ultimately controlled by Chinese interests, ending a transaction first announced in December 2025.
NHV confirmed on August 5, 2026, that the deal would not proceed following a decision by Belgium’s Interfederal Screening Committee (ISC), and said there would be no change to its ownership or control. The operator remains majority-owned by French private investment firm Ardian, which has held the company since 2013.
Chinese parentage triggered the review
GDHF is registered in Dublin and led by chief executive Michael York, but it is a subsidiary of GDAT Group, a Shanghai-based helicopter operator and lessor founded in 2012 and chaired by Peter Jiang, who owns GDHF. GDAT operates around 100 Airbus and Leonardo helicopters in China, and GDHF was launched in 2024 around orders originally placed by its Chinese parent.
Belgium’s foreign investment screening mechanism, in force since July 1, 2023, applies to non-EU investors acquiring control of companies active in sensitive sectors including energy, defense and critical infrastructure. The Interfederal Screening Committee brings together 12 representatives of the country’s federal, regional and community governments. The file had also been submitted to the Federal Public Service Economy, including the Belgian Competition Authority.
The decision follows tightening Western scrutiny of Chinese stakes in aviation, from a US congressional push to reopen the review of Cirrus Aircraft’s ownership to Arcline’s purchase of Chinese-owned Continental Aerospace.
Military maintenance work put on hold
Flemish public broadcaster VRT NWS reported on February 7, 2026, that Belgium’s military intelligence service, ADIV, had taken over the file. Beyond NHV’s role in North Sea energy logistics, officials were concerned by the operator’s bid to maintain the Belgian military helicopter fleet.
Belgium ordered 20 Airbus H145Ms, 15 for the armed forces and five for the federal police, through the NATO Support and Procurement Agency, with Airbus contracted for maintenance and the first aircraft delivered on June 24, 2026. NHV was bidding to carry out that work as an Airbus subcontractor.
A senior defense source told VRT NWS the award had been suspended pending clarity, and an officer said the company would be unable to perform the maintenance if the takeover was completed. The broadcaster also reported that NHV held no Belgian security clearance, a certificate issued after screening by the National Security Authority, with ADIV among the bodies feeding into that process.
Operations unchanged
Founded in 1997, NHV operates around 28 helicopters with more than 400 employees and reported revenue of about €155 million in 2025. Its missions span crew transport to oil and gas platforms and offshore wind farms across the North Sea and West Africa, search and rescue, emergency medical services, maritime pilot transfers, maintenance and training. It was the global launch customer for the Airbus H175.
The blocked acquisition does not sever commercial ties between the two companies. NHV introduced two H160s leased from GDHF in 2026, based initially at Den Helder in the Netherlands.
In its statement, NHV Group said its management team, operations, customer commitments and strategic direction were unchanged and that it was business as usual across its operations.