Mara Holdings, EDF Pulse Ventures sign investment agreement

Mara Holdings (MARA) and EDF Pulse Ventures, the corporate venture of EDF, announced the signing of an investment agreement allowing MARA to acquire a 64% stake in Exaion, a subsidiary of EDF. The agreement provides MARA the option to increase its ownership in Exaion up to 75% by 2027. Exaion develops and operates high-performance computing data centers and provides secure cloud and AI infrastructure in partnership with key players such as NVIDIA, Deloitte, and 2CRSI. Founded to provide secure, high-performance cloud solutions, Exaion meets the standards required by enterprise and public-sector clients. After completion of the transaction, MARA would become a strategic shareholder, and Exaion would transition to a larger-scale international commercial deployment. By integrating Exaion’s platform, operations, and engineering expertise, MARA expects to expand its capabilities into AI/HPC infrastructure development and better serve the growing demand for secure cloud solutions. As part of the transaction, EDF would remain a client of Exaion and retain a minority interest, demonstrating its confidence in Exaion’s strategy and long-term growth prospects. Under the terms of the agreement, MARA would invest approximately $168M in cash upfront to acquire a 64% stake in Exaion, with the opportunity to invest another approximately $127M to acquire an additional 11% of Exaion, contingent upon certain milestones being met. The transaction is expected to close in or around Q4 2025, subject to satisfying conditions precedent and obtaining the relevant regulatory approvals.