| Key Points: – France approves MARA’s 64% stake in Exaion under foreign investment safeguards. – Conditions require NJJ hold at least 10%, EDF retains board representation. – Partnership targets secure, energy-efficient European cloud, AI, and high-performance computing. |
France has formally cleared MARA’s acquisition of a 64% stake in Exaion, the data center unit associated with EDF, enabling the U.S. firm to complete the majority purchase. As reported by Bloomberg, the approval concludes a government screening that focused on control of critical digital infrastructure and allows the transaction to proceed under defined safeguards.
According to Crypto-Economy, conditions attached to the approval include a requirement that French investor NJJ, led by Xavier Niel, hold at least 10% in the new structure, that EDF retain board representation, and that sensitive data protections be enforced. These stipulations reflect France’s foreign investment screening priorities around sovereignty, governance, and operational oversight.
As reported by The Miner Mag, the deal is positioned as a bridge between MARA’s compute expertise and Exaion’s cloud and HPC capabilities, while EDF remains both a shareholder and a client. The partnership is framed as a route to scale secure, energy-efficient cloud, AI, and high‑performance computing services in Europe.
MARA Exaion acquisition: stake split, parties, and closing timeline
MARA holds 64% of Exaion; EDF stays on as a minority shareholder, and NJJ is expected to maintain at least a 10% stake per the government’s conditions. The transaction cleared in February 2026 and, following sign-off, moved to closing, aligning the parties under a governance model designed to balance control and sovereignty.
The board has been structured to reflect those safeguards and shared oversight. As reported by The Block: “Board seats in Exaion are divided: 3 from MARA, 3 from EDF, and 1 from NJJ,” with named principals expected to participate alongside Exaion’s leadership.
Blockspace Media reports that a non‑competition clause affecting EDF’s activities in cloud/AI/HPC has been debated, with observers viewing such constraints as material to competition and national interest. These terms, together with data‑handling safeguards, are intended to ring‑fence critical operations while enabling Exaion’s international growth.
At the time of this writing, Bitcoin (BTC) traded near $67,746 with very high short‑term volatility, and sentiment characterized as bearish. This market context may shape how investors gauge the strategic diversification signaled by this transaction.
FAQ: deal terms, safeguards, and strategic implications
Final terms, equity holders, and French screening conditions
MARA acquired 64% of Exaion. EDF remains a shareholder, and NJJ holds at least 10% under French screening conditions. Safeguards include board representation and protections for sensitive data.
Post-closing governance and what it signals about MARA’s strategy
Exaion’s board follows a 3–3–1 split among MARA, EDF, and NJJ. Governance aims to preserve sovereignty while MARA pursues European AI, HPC, and cloud infrastructure alongside Exaion’s and EDF’s roles.
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