France approved the sale of a majority stake in a key data center unit of state-owned Electricite de France (EDF) to U.S. bitcoin miner MARA Holdings Inc. after months of national security review.
Florida-based 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, was valued at $168 million.
The deal raised concerns in Paris about possible foreign control of digital infrastructure. In response, the French government imposed conditions before signing.
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 French investors’ request to step in. EDF will retain a minority stake and remain a customer of Exaion.
Finance Minister Roland Lescure said the result showed France remained open to international investment while still defending its strategic interests.
“With this operation, the country is making progress on two fronts: we confirm France’s attractiveness for international investment while ensuring the uncompromising protection of our strategic interests and technological sovereignty,” the minister said. A government statement added that Exaion would not retain any sensitive EDF data following the sale.
Exaion’s board of directors will now include representatives from MARA, EDF and NJJ.