MARA Holdings acquired a 64% stake in Exaion, a high-performance computing infrastructure subsidiary of EDF, for $168 million. The French government imposed conditions, including a 10% stake for NJJ Capital, to address national-interest concerns. The deal required a French investor to step in, which was NJJ, and EDF will keep a minority stake and continue as an Exaion client. France has approved the sale of a majority stake in a key data center unit of state-owned Electricité de France (EDF) to U.S.-based bitcoin miner MARA Holdings Inc., after months of national security review.
MARA, headquartered in Florida, is acquiring a 64% stake in Exaion, a subsidiary that operates high-performance computing infrastructure for digital workloads. The transaction raised concerns in Paris about potential foreign control over digital infrastructure. NJJ Capital, an investment firm controlled by telecom billionaire Xavier Niel, will take a 10% stake in Mara France, the local entity handling the acquisition, in exchange for a requirement that a French investor step in. EDF will keep a minority stake and continue as a client of Exaion.
Finance Minister Roland Lescure called the outcome a sign that France remains open to international investment while still defending its strategic interests. A government statement added that no sensitive EDF data will remain with Exaion following the sale. Exaion’s board of directors will now include representatives from MARA, EDF, and NJJ.
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