France approved the sale of a majority stake in a key data center unit of state-owned Electricité de France (EDF) to US-based bitcoin miner MARA Holdings Inc., after months of national security review.
Florida-based MARA will acquire a 64% stake in Exaion, a subsidiary that operates high-performance computing infrastructure for digital workloads. The deal, first announced in August 2025, is valued at $168 million.
The transaction raised concerns in Paris about possible foreign control over digital infrastructure. In response, the French government imposed conditions before signing.
NJJ Capital, an investment firm controlled by telecommunications billionaire Xavier Niel, will acquire a 10% stake in Mara France, the local entity managing the acquisition, in exchange for the requirement that a French investor intervene. EDF will maintain a minority stake and continue as a client of Exaion.
Finance Minister Roland Lescure called the result a sign that France remains open to international investment while defending its strategic interests.
“In this operation, the State is advancing on two fronts: we confirm France’s attractiveness for international investments, while guaranteeing the uncompromising protection of our strategic interests and our technological sovereignty,” said the Minister. A government statement added that no confidential EDF data will remain in Exaion’s hands following the sale.
Exaion’s board of directors will now include representatives from MARA, EDF and NJJ.
