MARA Holdings Acquires 64% Stake in EDF's AI Infrastructure Unit for $168M.

MARA Holdings is acquiring a 64% stake in Exaion, EDF's AI infrastructure unit, for $168M in cash. Exaion develops and operates high-performance AI infrastructure and platforms for businesses. The acquisition will allow MARA to expand its offerings in the AI infrastructure market.

MARA Holdings, Inc. (NASDAQ: MARA), a leading digital energy and infrastructure company, has announced the acquisition of a 64% stake in Exaion, a subsidiary of EDF, for $168 million in cash. The transaction is part of a broader strategy to expand MARA's capabilities in the AI high-performance computing (HPC) infrastructure market.

Exaion, established through EDF's EDF Pulse Incubation program, specializes in developing and operating high-performance computing data centers and secure cloud and AI infrastructure. The company partners with key players such as NVIDIA, Deloitte, and 2CRSI to meet the standards required by enterprise and public-sector clients. By integrating Exaion’s platform, operations, and engineering expertise, MARA expects to enhance its AI/HPC infrastructure development capabilities and better serve the growing demand for secure cloud solutions.

The agreement provides MARA the option to increase its ownership in Exaion up to 75% by 2027, contingent upon certain milestones being met. This strategic investment aligns with MARA's long-term vision of leveraging its digital energy technologies to advance the world's energy systems and accelerate the deployment of critical infrastructure.

“Our partnership with Exaion would bring together two global leaders in data center development and digital energy,” said Fred Thiel, MARA’s Chairman and CEO. “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.”

Julien Villeret, Head of Innovation at EDF Group, commented, “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.”

The transaction is expected to close in or around Q4 2025, subject to satisfying conditions precedent and obtaining the relevant regulatory approvals. Darrois Villey Maillot Brochier is serving as legal advisor to MARA, Stifel Financial Corp. 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.

References:
[1] https://ir.mara.com/news-events/press-releases/detail/1407/mara-and-edf-pulse-ventures-sign-investment-agreement-in-subsidiary-exaion-to-expand-maras-global-aihpc-capabilities
[2] https://bitcoinworld.co.in/mara-holdings-exaion-deal/