France has given the green light for the sale of a majority stake in a crucial data center subsidiary of Electricité de France (EDF) to the U.S.-based bitcoin mining firm MARA Holdings Inc., after an extensive national security evaluation. The acquisition involves MARA, located in Florida, obtaining a 64% stake in Exaion, a subsidiary recognized for its high-performance computing capabilities tailored for digital workloads. The deal, initially revealed in August 2025, is valued at approximately $168 million.
This transaction sparked concerns in France regarding the potential implications of foreign control over vital digital infrastructure. In response to these worries, the French government introduced specific conditions prior to finalizing the deal. One significant element involves NJJ Capital, an investment firm led by telecom magnate Xavier Niel, which will acquire a 10% stake in MARA’s French entity responsible for the acquisition. This move was necessitated by a requirement for a French investor to participate in the transaction.
EDF will retain a minority share in Exaion and will continue to function as a client for the subsidiary’s services. Finance Minister Roland Lescure emphasized that this outcome reflects France’s commitment to remaining open to international investment opportunities while safeguarding its strategic interests and technological autonomy. “In this operation, the State is advancing on two fronts: we are confirming France’s attractiveness for international investment, while ensuring uncompromising protection of our strategic interests and our technological sovereignty,” he stated.
In a further assurance to stakeholders, a government statement affirmed that no sensitive data belonging to EDF will remain with Exaion post-sale. The board of directors at Exaion will now be diversified, including representatives from MARA, EDF, and NJJ, marking a significant shift in the governance of the subsidiary.
