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Samsung Electronics is in talks to acquire Modine Manufacturing, a U.S. maker of data center cooling systems, according to a Bloomberg report. Modine shares surged about 28% in after-hours trading on Thursday.
Samsung Electronics is in talks to acquire Modine Manufacturing, a U.S.-based manufacturer of data center cooling systems, according to a Bloomberg report citing people familiar with the discussions. The companies are discussing a deal that could come together as soon as the coming weeks, though discussions remain ongoing and could still fall apart, the report said.
Modine shares surged about 28% in after-hours trading on Thursday following the report. The company had a market value of $5.6 billion as of Thursday's close, per Bloomberg. Neither company could be reached for comment, and neither price nor premium has been disclosed. Reuters, which carried the story on Thursday, November 12, said it could not independently verify the report.
Modine develops heating and cooling equipment for industrial applications, and its data center business has become an important growth driver, supplying temperature-management solutions to large-scale cloud computing operators. The company was founded in 1916 and is based in Wisconsin.
In October, Modine separated its automotive business through a transaction involving Gentherm, allowing it to focus more closely on its cooling and heating operations. On Wednesday, the company began commercial production of Airedale data center cooling systems at its new 682,000-square-foot manufacturing facility in Texas. The plant will produce 2MW and 3MW chillers designed to cool large data centers and AI computing facilities. Modine plans to expand production to four 2MW manufacturing lines by the end of its fiscal year.
Modine's Data Centers division generated $439.7 million in sales in fiscal Q2, up 95% year over year. The company completed the separation of its Performance Technologies business in October, retaining its Data Centers and Commercial HVAC operations.
For Samsung, a potential deal would build on its November 2025 acquisition of German HVAC maker FläktGroup, which expanded its data center cooling capabilities. Samsung operates 18 global cloud centers through its SDS arm.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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