Fri, Feb 20, 2026
MARA closes majority acquisition of Exaion SAS (France)
Key points
- Acquired a 64% stake in Exaion SAS (HPC/AI/secure cloud) from EDF Pulse Holding for $174.5 million cash (after a Jan 30, 2026 amendment to the Aug 11, 2025 Investment Agreement, originally ~$168.0M). Option to increase to 75% via up to ~$127.0 million of additional contingent payments by 2027. Some political opposition in France to the deal was disclosed as a risk factor.
Acquisition
Exaion SASCompleted
64% stake in a French HPC/AI/secure-cloud company, acquired from EDF Pulse Holding (EDF venture arm).
- $174.5 million cash (amended from an original ~$168.0M, Aug 2025 agreement); option to reach 75% via up to ~$127.0M more by 2027; some political opposition in France disclosed as a risk factor