MARA invests $168mn to acquire 64% stake in EDF’s subsidiary Exaion

MARA strengthens its presence in digital infrastructure by acquiring a majority stake in Exaion, a French provider of secure high-performance cloud services backed by EDF Pulse Ventures.

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MARA Holdings, Inc., a publicly traded company specialising in energy and digital infrastructure, announced it has signed an agreement with EDF Pulse Ventures to acquire a 64% majority stake in Exaion, an EDF subsidiary focused on cloud and High Performance Computing (HPC) solutions. The transaction is valued at $168mn, payable in cash at closing, with an option to increase the stake to 75% by 2027.

Exaion provides secure digital infrastructure for businesses and public sector clients. It collaborates with industry partners such as NVIDIA, Deloitte and 2CRSI and specialises in designing and operating energy-efficient data centres. With this transaction, MARA aims to accelerate its international expansion strategy in sovereign cloud and artificial intelligence infrastructure.

International expansion led by MARA

The agreement outlines that Exaion will continue its operations while expanding its international offering, supported technically, financially and strategically by MARA. The acquiring company plans to integrate Exaion’s existing infrastructure and personnel into its own AI and HPC infrastructure development capabilities. EDF, meanwhile, will retain a minority stake in the company and remain a client of its digital services.

The deal also includes a provision for MARA to invest an additional $127mn under certain conditions, in exchange for an additional 11% stake. The two companies have not disclosed the performance criteria required to unlock this further investment.

Strengthened technological partnership between strategic players

Fred Thiel, Chief Executive Officer of MARA, stated that the partnership with Exaion would allow “two global leaders in data centre and digital energy development to join forces”. Julien Villeret, Chief Innovation Officer at EDF Group, noted that this transaction represents “a major opportunity for Exaion to accelerate its technological and international development” while maintaining an active collaboration with EDF.

The transaction remains subject to regulatory approval and is expected to close during the fourth quarter of 2025. Several firms have been appointed in connection with the deal: Darrois Villey Maillot Brochier as legal advisor to MARA, Coblence Avocats as legal advisor to Exaion, Ashurst as legal advisor to EDF Pulse Ventures, and Stifel Financial Corp. as financial advisor.

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