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Inside France’s strict rules for selling majority stake of its state energy cloud to U.S. bitcoin miner

AI Summary3 min read

TL;DR

France approved U.S. bitcoin miner MARA Holdings' $168 million acquisition of 64% stake in EDF's Exaion after imposing conditions including a 10% stake for French investor NJJ Capital. The government ensured protection of strategic interests while maintaining openness to international investment.

Key Takeaways

  • •MARA Holdings acquired 64% of EDF's Exaion for $168 million after French government review
  • •French government required NJJ Capital to take 10% stake to address national security concerns
  • •EDF retains minority stake and will continue as Exaion client with no sensitive data transferred
  • •Finance Minister emphasized balancing international investment with protection of strategic interests
  • •Exaion's board will include representatives from MARA, EDF, and NJJ
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What to know:

  • MARA Holdings acquired a 64% stake in Exaion, a high-performance computing infrastructure subsidiary of EDF, for $168 million.
  • The French government imposed conditions, including a 10% stake for NJJ Capital, to address national-interest concerns.
  • The deal required a French investor to step in, which was NJJ, and EDF will keep a minority stake and continue as an Exaion client.
  • MARA Holdings acquired a 64% stake in Exaion, a high-performance computing infrastructure subsidiary of EDF, for $168 million.
  • The French government imposed conditions, including a 10% stake for NJJ Capital, to address national-interest concerns.
  • The deal required a French investor to step in, which was NJJ, and EDF will keep a minority stake and continue as an Exaion client.

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.

MARA, headquartered in Florida, 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 raised concerns in Paris about potential foreign control over digital infrastructure. In response, the French government imposed conditions before signing off.

NJJ Capital, an investment firm controlled by telecom 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 keep a minority stake and continue as a client of Exaion.

Finance Minister Roland Lescure called the outcome a sign that France remains open to international investment while still defending 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,” the Minister said. A government statement added that no sensitive EDF data will remain with Exaion following the sale.

Exaion’s board of directors will now include representatives from MARA, EDF, and NJJ.

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