Paris – France has given the green light to a $168 million deal allowing U.S.-based bitcoin miner MARA Holdings Inc. To acquire a majority stake in Exaion, a key data center unit of the state-owned energy company, Electricité de France (EDF). The approval, which followed months of scrutiny over national security concerns, underscores a delicate balance between attracting foreign investment and safeguarding France’s strategic digital infrastructure. This complex transaction highlights the increasing oversight of foreign acquisitions in critical sectors across Europe.
The deal, initially announced in August 2025, will see MARA Holdings acquire a 64% stake in Exaion, which specializes in high-performance computing (HPC) infrastructure and secure cloud services. Concerns quickly arose in Paris regarding the potential for a foreign entity to control such a vital piece of France’s digital landscape. The French government, invoking its powers to intervene in foreign investments, initiated a thorough review process to assess the risks and ensure the protection of national interests. The core of the concern revolved around maintaining control over sensitive data and ensuring the resilience of France’s digital sovereignty.
Conditions for Approval: A French Investor and Data Security
To address these concerns, the French government imposed specific conditions before granting approval. A key requirement was the participation of a French investor. NJJ Capital, an investment firm controlled by French telecom billionaire Xavier Niel, will now take a 10% stake in Mara France, the entity handling the acquisition, according to a press release from EDF. This move aims to create a strategic partnership and ensure continued French influence within the company.
the government stipulated that no sensitive data belonging to EDF would remain with Exaion following the sale. This assurance is intended to mitigate the risk of critical information falling into foreign hands. Finance Minister Roland Lescure emphasized that the outcome demonstrates France’s commitment to both attracting international investment and protecting its strategic interests. “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,” Lescure stated.
The Role of Exaion and its Future Board
Exaion plays a crucial role in providing HPC data centers and secure cloud infrastructure, serving a growing demand for digital services in France and beyond. The partnership between MARA, EDF, and NJJ is intended to accelerate Exaion’s expansion and strengthen its capabilities in these critical areas. The company aims to become a European leader in digital infrastructure, offering secure and reliable services to a wide range of clients.
The composition of Exaion’s Board of Directors will reflect the new ownership structure. The board will include three representatives appointed by MARA Inc., three representatives appointed by EDF Pulse Ventures, and one representative appointed by NJJ, alongside Exaion’s CEO and co-founder. Notably, both Xavier Niel and Fred Thiel, CEO of MARA Inc., will hold seats on the board, signaling a collaborative approach to the company’s future direction.
Broader Implications for Foreign Investment in Europe
This case sets a precedent for future foreign investments in strategic sectors across Europe. Governments are increasingly vigilant about protecting their national interests in the face of growing geopolitical tensions and the increasing importance of digital sovereignty. The French government’s intervention in the MARA-EDF deal demonstrates a willingness to employ its regulatory powers to ensure that foreign investments align with national security objectives.
The scrutiny surrounding this acquisition is part of a wider trend of increased regulation of foreign investment in Europe, particularly in sectors deemed critical to national security, such as energy, telecommunications, and data infrastructure. The European Commission has been working to strengthen its screening mechanisms for foreign direct investment, aiming to create a more coordinated approach to protecting strategic assets. This deal involving Exaion and MARA Holdings serves as a case study in navigating these complex regulatory landscapes.
The completion of this transaction marks a significant step for both MARA Holdings and Exaion. For MARA, it represents an expansion into the European market and access to valuable HPC infrastructure. For Exaion, it provides the capital and expertise needed to accelerate its growth and solidify its position as a leading provider of secure cloud services. The next key milestone will be the formal integration of NJJ Capital into Mara France, expected to be completed in the coming weeks, as well as the first meeting of the newly constituted Board of Directors.
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