The pressure to close its French AI acquisition is heating up for Bitcoin miner MARA (NASDAQ: MARA), which expects to finalize the $168 million acquisition of French state-owned energy subsidiary Exaion by the end of February, according to a new report from French data and news firm TheBigWhale.
Negotiators initially scheduled the transaction to close in January before encountering structural delays. MARA has the ability to walk away if negotiators fail to reach a final agreement by the new deadline, according to The Big Whale.
French officials previously stalled the corresponding $168 million cash offer for a 64% controlling interest over national sovereignty concerns. The government expressed hesitation regarding foreign control over domestic energy infrastructure and the ability to monetize chronic nuclear energy overcapacity.
Officials then tapped telecommunications billionaire Xavier Niel to “Frenchify” the operation and balance the capital structure with domestic investment. Niel plans to invest between €8 million and €15 million into the future entity, per TheBigWhale report. This equity injection secures preferred shares and a dedicated seat on the board of directors for the billionaire. The investment represents a 5% to 10% equity stake in the joint venture.
New competition
The Big Whale also reports a secret initiative backed by European capital is preparing to enter the local market. The project capitalizes on a non-compete clause imposed on Exaion parent entity EDF by MARA. This emerging competitor targets an operational rollout in the second half of 2026 with an initial 20 megawatts of power capacity. Developers aim to scale the operation to a long-term goal of 200 megawatts.
The competitor is currently securing land agreements across French territory, which would enable the firm to roll out its business across France.
The French Treasury preliminarily approved the acquisition structure in January this year. MARA holds an option to increase ownership in the entity to 75% by 2027 for an additional $127 million.
The transaction enforces a strict two-year non-compete clause on EDF. The agreement bars the energy provider from engaging in commercial AI/HPC or Bitcoin mining operations. This restriction facilitated the creation of the upcoming European competitor to capture domestic market share.
