Samsung in Talks to Buy $5.6B Data-Center Cooler Modine

Samsung Electronics is in talks to buy Modine Manufacturing, the Racine, Wisconsin maker of data-center cooling systems, Bloomberg reported. Modine closed Thursday with a market value of $5.6 billion. Its stock soared to more than $135 in late trading, a gain of 28%.

The talks are not settled. People familiar with the matter told Bloomberg a deal "could come together as soon as the coming weeks, though no final decision has been made and the talks could still fall apart," and "another suitor could also emerge." Reporting adds that Modine holds a $4 billion cooling supply agreement tied to Google, and that a US national-security review could shape any deal.

Modine spun off its legacy automotive business in October to focus squarely on thermal management. Its data-center unit has been "growing 86% annually over the past three fiscal years," which is the slice Samsung is reaching for. Samsung already paid €1.5 billion last year for Germany's FläktGroup, another cooling specialist, and a Modine tie-up would stitch together hyperscaler thermal supply on both sides of the Atlantic. The move lands in a quarter crowded with AI-infrastructure M&A on our tracker.