MARA (NASDAQ: MARA) has completed its transaction to acquire a 64% stake in EDF subsidiary Exaion. The transaction establishes a strategic domestic partnership with NJJ Capital to scale secure AI/HPC infrastructure from France. Exaion previously operated exclusively under EDF Pulse Ventures to develop data centers and secure cloud services in the country.
In a public statement on X, MARA wrote, “It’s time. MARA’s transaction to acquire a 64% stake in EDF subsidiary Exaion has been completed, with Xavier Niel and Fred Thiel joining Exaion’s Board as we scale secure HPC and AI infrastructure from France.”
The deal originally faced structural delays over national sovereignty concerns regarding foreign control of energy infrastructure. French officials prompted negotiations for domestic involvement to balance the capital structure and quell political blowback. Consequently, telecommunications billionaire Xavier Niel invested between €8 million and €15 million to secure a 10% equity stake in Mara France for NJJ Capital.
MARA initially offered $168 million in cash for the controlling stake before government scrutiny stalled the acquisition. Following the finalized partnership, EDF Group retains a minority shareholder position in Exaion. The national electric utility will also continue utilizing the infrastructure as an anchor customer.
Furthermore, the agreement outlines clear financial mechanisms for future consolidation. The deal grants MARA an option to expand its stake in Exaion to 75% for an additional $127 million by 2027. The French Treasury approved this acquisition structure along with specific competitive limitations in January.
These limitations include a heavily debated two-year non-compete clause. This restriction strictly bars EDF from developing commercial AI/HPC or cryptocurrency mining operations independent of the joint venture. The clause effectively isolates market share for MARA to dominate the resulting infrastructure output without direct utility competition.
MARA chief executive officer Fred Thiel and Niel will both assume direct roles on the board to guide the expansion.
