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.
Florida-headquartered MARA is acquiring 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 has raised concerns in Paris about possible foreign control over digital infrastructure. In response, the French government imposed conditions before signing.
NJJ Capital, an investment company controlled by telecoms billionaire Xavier Niel, will take a 10% stake in Mara France, the local entity responsible for the acquisition, in exchange for requiring the intervention of a French investor. EDF will retain a minority stake and remain 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 moving forward on two fronts: we are confirming France’s attractiveness for international investments, while ensuring uncompromising protection of our strategic interests and our technological sovereignty,” declared the minister. A government press release adds that no sensitive EDF data will remain with Exaion after the sale.
Exaion’s board of directors will now include representatives from MARA, EDF and NJJ.
