The French government has given the green light for a significant transaction involving the sale of a majority stake in a crucial data center unit of Electricité de France (EDF) to U.S.-based MARA Holdings Inc., a bitcoin mining company. This approval follows an extensive review focused on national security concerns.
MARA, which is based in Florida, will acquire a 64% stake in Exaion, a subsidiary of EDF that specializes in high-performance computing for digital workloads. The deal, initially announced in August 2025, is valued at approximately $168 million.
The acquisition raised alarms in Paris regarding potential foreign control over vital digital infrastructure. In response to these concerns, the French government established specific conditions prior to finalizing the agreement.
As part of the arrangement, NJJ Capital, an investment firm led by telecom magnate Xavier Niel, will acquire a 10% stake in the local entity, Mara France, which is managing the acquisition. This move ensures that a French investor is involved in the deal. EDF will retain a minority stake in Exaion and will continue to utilize its services.
Finance Minister Roland Lescure emphasized that this outcome demonstrates France’s commitment to attracting international investment while safeguarding its strategic interests. He stated, “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.” A government statement also reassured that no sensitive data from EDF will remain with Exaion after the sale.
Following the transaction, Exaion’s board of directors will include representatives from MARA, EDF, and NJJ, ensuring a collaborative governance structure.
France has approved the sale of a majority stake in EDF's data center unit to U.S. bitcoin miner MARA Holdings, incorporating conditions to address national security concerns. The deal reflects France's balance between attracting foreign investment and protecting its strategic interests.