Ashurst advises EDF Pulse Ventures on strategic partnership with MARA and NJJ Capital relating to Exaion

Ashurst advised EDF Pulse Ventures, the venture capital arm of the EDF group, on a major transaction involving the opening of Exaion's share capital.

An investment agreement signed on 11 August 2025 enabled MARA France to acquire 64% of the share capital of Exaion, a subsidiary of the EDF group, subject to the satisfaction of conditions precedent, including obtaining the applicable regulatory approvals. The transaction was completed in February 2026.

As part of this transaction, NJJ Capital and MARA entered into an equity partnership under which NJJ Capital takes a 10% minority stake in MARA France.
Exaion, a subsidiary of the EDF group specialising in high-performance computing (HPC), develops and operates data centres and provides secure cloud and artificial intelligence infrastructure. MARA (NASDAQ: MARA) deploys digital energy technologies that contribute to grid balancing and the deployment of critical digital infrastructure.

This transaction aims to accelerate Exaion's deployment and development, strengthen its capabilities in secure cloud and high-performance computing, and establish, from France, a European player in digital infrastructure.

The EDF group retains a minority stake in Exaion and remains a customer of the company.

Exaion's new governance structure provides for a board of directors comprising representatives appointed by MARA Inc., EDF Pulse Ventures and NJJ Capital, as well as Exaion's chief executive officer and co-founder. Xavier Niel and Fred Thiel, chief executive officer of MARA Inc., sit on the board of directors.

The Ashurst team was led by Anne Reffay (partner), assisted by Louis Rainguenet (senior associate) in Corporate in Paris.