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The sale of Exaion—EDF’s (France public power generation giant) high-performance computing, data center, blockchain, and crypto-linked subsidiary—to American Bitcoin mining corporation MARA Holdings isn’t just another corporate transaction. It sits at the explosive intersection of national sovereignty, digital independence, energy security and political corruption, all while unfolding in murky, exclusive and opaque negotiations, with the Elysée Palace and the French Treasury deep down.
Orchestrated through Gérard Mestrallet—the former Engie CEO (Gaz de France, after privatization) who doubles as Emmanuel Macron’s special envoy and conveniently serves as MARA’s special advisor—the deal has ignited fierce suspicion. For MP Philippe Latombe (MoDem), the setup is blatant: “There is a clear intent to tie EDF’s hands” via this exclusive negotiation between MARA and EDF. Alongside Senator Dany Wattebled (Les Indépendants – République et territoires), Latombe has formally referred the matter to France’s National Financial Prosecutor’s Office (PNF) under Article 40 of the criminal procedure code, citing grave an serious suspicions of:
Breach of corporate interest (atteinte à l’intérêt social),
Diversion of corporate assets (abus de biens sociaux),
Illegal taking of interests (prise illégale d’intérêts),
Influence peddling (trafic d’influence).
The accusations target not only MARA and its intermediaries (including Mestrallet and lobbying firm Forward Global), but also EDF executives and Exaion’s leadership—accused in some reports of engineering personal windfalls amid the handover.
Key flashpoints fueling the filing:
The price tag—$168 million for a 64% controlling stake (with an option to reach 75%)—is widely slammed as a fire-sale undervaluation of a strategic asset tied to AI, HPC, secure cloud, and potential Bitcoin mining leverage via France’s nuclear surplus energy.
A two-year non-compete clause reportedly handcuffs EDF from commercial HPC, AI, or crypto mining activities, effectively sidelining a French champion while handing American interests (and extraterritorial Cloud Act risks) the keys.
Heavy lobbying footprints, potential conflicts of interest via Mestrallet’s dual Macron/MARA roles, and whispers of executive “jackpots” have turned this into a textbook case of French industrial jewels quietly offloaded abroad.
As of late January 2026, Bercy (the French Treasury) has pushed forward despite the storm—authorizing the deal under strict conditions on data protection, governance, and continuity—even post-Trump reelection and amid sovereignty alarms.
The PNF referral (lodged in December 2025) hangs like a sword: will investigators uncover another episode of corruption and capitulation masked as “pragmatic partnership,” echoing Alstom’s GE handover (industrial gutting via U.S. pressure) or Technip’s corruption-fueled fines and reputational carnage?
France cannot afford another quiet surrender of its crown jewels. This isn’t mere business—it’s a test of whether sovereignty still means anything when foreign raiders, well-connected fixers, and timid media oversight collide. Latombe and Wattebled demand answers; the PNF must deliver them before the ink dries on yet another national corruption case.
