TL;DR:
- After receiving French government approval, MARA Holdings acquired 64% of Exaion, EDF’s data center unit, for $168 million.
- France conditioned the deal on businessman Xavier Niel, through NJJ Capital, taking a 10% stake in the unit.
- EDF will remain a shareholder and customer of Exaion, and the government confirmed that no sensitive company data will remain in the subsidiary.
The American Bitcoin miner MARA Holdings completed the acquisition of 64% of Exaion, the digital infrastructure and cloud computing subsidiary of Electricité de France, after obtaining formal approval from the French government. The transaction, valued at $168 million, had been announced in August 2025 and was conditioned on the inclusion of a local investor as a shareholder in the resulting unit.
The French government examined the operation under its foreign investment screening regime, paying particular attention to risks to its digital sovereignty. Authorities applied their intervention powers over transactions involving assets considered strategic in sectors such as energy, data, and critical infrastructure. The review resulted in an additional delay before authorizing the final closing of the deal.
Sovereignty as a Condition of Entry for MARA
As part of the conditions imposed, NJJ Capital, the investment vehicle of French billionaire Xavier Niel, will take a 10% stake in Mara France, the entity resulting from the operation. EDF, for its part, will retain a portion of the capital and will continue to be a client of the subsidiary. The government also specified that no sensitive data from the utility will remain under Exaion’s control following the transfer of ownership.
France’s Finance Minister, Roland Lescure, described the deal as a confirmation of the country’s ability to attract international capital without relinquishing control over its strategic assets. In his official statement, he noted that the agreement guarantees the protection of national interests and technological sovereignty.
For MARA, the acquisition will be crucial to its expansion strategy beyond the crypto mining business. Exaion operates infrastructure focused on high-performance computing, cloud services, and Web3-related projects, areas that major miners are seeking to integrate in order to diversify their revenues and secure long-term access to energy and processing capacity.
