France has approved the sale of a majority stake in a key data center unit by state-owned Electricité de France (EDF) to US-based bitcoin miner MARA Holdings Inc., following months of national security review.
Florida-headquartered MARA is buying 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 potential foreign control of digital infrastructure. In response, the French government imposed conditions before withdrawing.
NJJ Capital, an investment firm controlled by telecoms billionaire Xavier Niel, will take a 10% stake in Mara France, the local entity handling the acquisition, in exchange for a requirement that a French investor step in. EDF will retain a minority stake and continue as a customer of Exaion.
Finance Minister Roland Lescure called the result a sign that France remains open to international investment while still defending its strategic interests.
“In this operation, the state advances on two fronts: we confirm France’s attractiveness for international investment, while ensuring uncompromising protection of our strategic interests and our technological sovereignty,” the minister said. A government statement added that no sensitive EDF data will remain with Exaion after the sale.
Exaion’s board will now include representatives from MARA, EDF and NJJ.
