Ashurst Advises EDF Pulse Ventures on MARA’s Acquisition of 64% of Exaion and NJJ Capital Investment

"Ashurst advised EDF Pulse Ventures on a strategic transaction opening Exaion’s share capital, under which MARA France agreed on 11 August 2025 to acquire 64% of Exaion (transaction completed February 2026, subject to regulatory approvals). As part of the deal, NJJ Capital took a 10% minority stake in MARA France. Exaion, an EDF subsidiary focused on high‑performance computing, secure cloud and AI infrastructure, will keep EDF as a minority shareholder and customer; the move aims to accelerate Exaion’s growth and build a European digital infrastructure player. The new board includes representatives of MARA Inc., EDF Pulse Ventures, NJJ Capital and Exaion’s CEO/co‑founder, with Xavier Niel and Fred Thiel joining the board. Ashurst’s Paris team was led by partner Anne Reffay, assisted by senior associate Louis Rainguenet."