GDHF ditches bid to buy NHV after regulator ruling

GDHF's acquisition of NHV has been blocked by the Belgium government.(Photocredit: Sweet-az).

GD Helicopter Finance (GDHF) has abandoned plans to buy NHV Group – the rotary operator, maintenance and training business – following the Belgian government’s decision to block the proposed deal.

The lessor’s CEO Michael York told us: “GDHF confirms that the contemplated acquisition of NHV Group will not be proceeding, following the decision of the Belgian Interfederal Screening Committee.”

But the leasing company’s focus remains unchanged, he added. “GDHF continues to execute on our long-term strategy as a global lessor, driving portfolio growth and serving our global customer base.” 

NHV confirmed there would be no change in the ownership or control of NHV Group after the ruling . “NHV remains a strong and independent company and it is business as usual across our operations,” said the Ostend-based operator in a statement. “Our management team, operations, customer commitments, and strategic direction remain unchanged.”

The company’s focus will remain on serving our customers, supporting partners and continuing to deliver safe and reliable helicopter services across all of the markets in which it operates. “We remain fully committed to our strategy, our employees, and the long-term development of the business,” according to its statement.

The screening committee is responsible for reviewing investments by non-EU organisations in companies active in certain industries – including energy – where the investment will result in the overseas investor gaining control of the company.

While the committee has not explained its detailed reasoning behind rejecting the planned acquisition, the Dublin-based lessor GDHF’s parent company is GDAT – the privately-owned Chinese general aviation company,

Meanwhile, The lessor surprised helicopter industry watchers last December with its plans to acquire NHV. York said at the time: “This strategic acquisition creates huge synergistic value, combining GDHF’s global helicopter leasing and finance capabilities together with NHV’s strong market position and reputation as a premium European helicopter operator and MRO.” 

Anaïs Robin, senior investment manager, Buyout, at NHV’s Ardian said in December: “The sale to GDHF demonstrates NHV’s strong strategic value and proven operational expertise in the sector.”

Read more about GDHF’s original plans to buy the operator here.