Deal Overview
MARA Holdings (formerly Marathon Digital Holdings) has completed the acquisition of a 64% controlling stake in French computing firm Exaion on February 20, 2026, following formal regulatory approval from the French government. The transaction was valued at approximately $168 million in cash, executed through its subsidiary MARA France.
Key Participants and Ownership Structure
According to a joint announcement, MARA France secured a 64% majority interest in Exaion from EDF Pulse Ventures, the investment arm of French utility giant EDF. Simultaneously, NJJ Capital, the investment vehicle of French billionaire Xavier Niel, acquired a 10% minority stake in MARA France. The EDF Group will retain a minority shareholding and remain a primary anchor customer for the platform, ensuring continued collaboration on energy and infrastructure.
Exaion's Core Assets
Exaion currently operates 4 specialized data centers and possesses 37 petabytes (PB) of storage capacity across Europe. These facilities support high-performance computing (HPC) and secure cloud services, positioning them as a key player in the region's digital infrastructure. MARA plans to leverage these assets to accelerate its expansion into artificial intelligence and high-performance computing markets.
Strategic Significance
As one of the world's largest Bitcoin mining firms, MARA has been actively diversifying into AI infrastructure. This acquisition marks its first major move into the European market and directly targets the growing demand for AI and HPC capabilities. The announcement states: "The purpose of the partnership is to accelerate Exaion’s expansion, enabling Exaion—based in France—to emerge as a European leader in digital infrastructure." By combining MARA's capital and operational experience with EDF's energy advantage, Exaion is well positioned to meet the surging demand for AI computing power.
Market Reaction and Future Plans
Following the announcement, MARA's shares rose approximately 2% in after-hours trading. Management indicated plans to upgrade existing data centers and potentially add 2-3 new sites within the next 12 months. NJJ Capital's participation provides additional financial resources and local network connections. EDF will continue as a key customer and partner, supplying low-carbon electricity to the data centers.
Key Deal Highlights
• Stake acquired: 64% controlling interest
• Transaction value: ~$168 million cash
• Acquirer: MARA France (subsidiary of MARA Holdings)
• Minority investors: NJJ Capital (10%), EDF Group (retained)
• Infrastructure: 4 data centers, 37 PB storage
• Regulatory approval: Obtained from French government