The French Ministry of Economy confirmed it had asked Électricité de France (EDF) to reopen the file concerning the sale of its subsidiary Exaion. The company, specialized in supercomputers and high-performance digital infrastructure, is subject to an acquisition agreement of 64% of its capital by the American company Marathon Digital Holdings (Mara) for an amount of 168 million euros. This operation raises questions about the preservation of high-value technological assets within the national framework.
The ministry specified that the case was still under review and had not been definitively closed. EDF, fully owned by the French state, together with the Agence des participations de l’État (APE, the French State Shareholding Agency), are currently leading discussions linked to this agreement. The official signing between Mara and EDF Pulse Ventures, the group’s venture capital arm, took place on August 11, but several suspensive conditions remain to be validated.
Three scenarios considered by the authorities
According to information provided by the Ministry of Economy, three scenarios are now being considered: the cancellation of the sale, the search for a new investor, potentially European, or the continuation of the initial agreement with Mara. In the latter case, the operation would be subject to the foreign investment control procedure in France (IEF), managed by the General Directorate of the Treasury.
The ministry emphasizes that this procedure could lead to a justified blockage of the transaction if certain national interest or technological sovereignty criteria were deemed compromised. At this stage, the process remains suspended, pending a strategic reassessment by the stakeholders involved.
A technology subsidiary considered non-strategic, yet sensitive
Exaion develops high-performance computing centers used in various sectors, including the digital industry. Although it does not fall within the scope of entities classified as strategic such as EDF or defense companies, the firm holds technological expertise considered potentially critical for the future.
The ministry indicated that, even without strategic status, certain technologies developed by Exaion could justify maintaining partial or complete sovereignty over the company. This dimension is taken into account in the current evaluation of the case by the French authorities.
Strengthened foreign investment control
EDF stated in a press release that the agreement remained subject to several regulatory conditions, including foreign investment control, which applies to this type of operation involving sensitive technologies. In this respect, the Treasury Department is actively monitoring the file to ensure compliance with the legislation in force.
According to a source close to the case, quoted by Agence France-Presse (AFP), no scenario is yet definitive, and discussions between the various parties are ongoing. This situation comes at a time when France seeks to balance attractiveness for international capital with the preservation of its domestic technological capacities.
