一条长着鲨鱼牙齿的鲱鱼：荷兰政府出于国家安全原因阻止了一名美国投资者

The Dutch government blocks a US investor for national security reasons 27 May 2026 A Dutch delicacy is maatjes – raw young herring eaten whole while held by the tail. Kyndryl musthave felt very much like such a young herring yesterday when the Dutch government formally The decision followed a recommendation by the BureauToetsing Investeringen (BTI) to block the transaction. Thedeal had become politically sensitive because Solvinityprovides services connected to DigiD and other Dutchgovernmental digital infrastructure. We understand that theprincipal concern was that, under US ownership, Solvinitycould jeopardise the public interest, which is broader than just Although drafted in neutral terms, the Dutch screeningmechanism – like its counterparts elsewhere in Europe – wasinitially politically framed around Chinese acquisitions ofstrategic assets. That the Dutch government does not shyaway from taking on geopolitical heavyweights was alreadyevident last year, when it intervened in Nexperia and imposed Questions surrounding potential US government access todata through the CLOUD Act and similar instruments havelong formed part of FDI reviews in Europe. This in itself is notnew – nor are calls for increased digital and data sovereigntywithin the EU. However, the fact that a government hasactually followed through on those concerns and prohibited aUS transaction is unusual, and is something that dealmakersin data-sensitive sectors will increasingly need to take into The prohibition was adopted under the Dutchtelecommunications security screening regime ratherthan under the broader Dutch foreign direct investment(FDI) framework introduced by the Vifo Act. However, thesame authority – the BTI – is responsible for enforcingboth regimes. The mechanics are structurally familiarto practitioners working with the Committee on Foreign Some have argued that, in the Nexperia matter, the Dutchmay have bitten off more than they could chew. The samequestion may now arise in relation to the US. We keep our Contacts Oliver GeissPartner, BrusselsT+32 2 627 1112oliver.geiss@squirepb.com Jeroen SombezkiPartner, AmsterdamT +31 20 747 1114jeroen.sombezki@squirepb.com George N. GrammasPartner, Washington DCT +1 202 626 6234george.grammas@squirepb.com Peter C. Alfano IIIPartner, Washington DCT +1 202 626 6263peter.alfano@squirepb.com