MARA Holdings has entered into an investment agreement with EDF Pulse Ventures to acquire a 64% stake in Exaion, a subsidiary of EDF, with an option to increase ownership to 75% by 2027.
Exaion specializes in high-performance computing (HPC) data centers and provides secure cloud and AI infrastructure in collaboration with partners like NVIDIA and Deloitte. Following the deal, MARA will enhance its capabilities in AI and HPC infrastructure, helping Exaion expand internationally.
EDF will remain a client of Exaion and retain a minority stake, demonstrating confidence in its growth strategy. MARA plans to invest approximately $168 million upfront for the initial stake, with an additional potential investment of around $127 million for a further 11% stake contingent upon specific milestones.
The deal is expected to close around Q4 2025, pending regulatory approvals.
Support/advisors: Darrois Villey Maillot Brochier serves as the legal advisor to MARA. Stifel Financial is serving as financial advisor and Coblence avocats is serving as legal advisor to Exaion. Ashurst is serving as legal advisor to EDF Pulse Ventures.
KEY QUOTES:
“Our partnership with Exaion would bring together two global leaders in data center development and digital energy. As data protection and energy efficiency become top priorities for both governments and enterprises, MARA and Exaion’s combined expertise would enable us to deliver secure and scalable cloud solutions built for the future of AI.”
Fred Thiel, MARA’s Chairman and CEO
“Since its creation in 2020, EDF Pulse Ventures has supported Exaion’s growth and the development of its cutting-edge digital technologies. This transaction would mark a new chapter, as Exaion would join forces with a seasoned global tech partner, while maintaining a collaborative relationship with the EDF Group. It would be a major opportunity for Exaion to accelerate both its technological and international development.”
Julien Villeret, Head of Innovation at EDF Group
