Samsung Electronics is in discussions to acquire Modine Manufacturing, a U.S.-based maker of data-center cooling systems, according to a Bloomberg report published Thursday, November 12. The talks could produce an agreement within weeks, but no final decision has been made and negotiations could still collapse or another buyer could emerge. Neither company has confirmed the discussions or disclosed a proposed price.
Modine shares surged more than 28% in extended trading after closing Thursday at $106.10 with a market value of about $5.6 billion. During Friday’s regular U.S. session, the stock traded around $137.15, up 29.26%. Samsung Electronics closed at 206,000 won in Seoul, down 0.96%, after rising as high as 216,000 won earlier in the session; the Kospi index fell 0.98%.
The acquisition interest follows Samsung’s completed purchase of Germany-based FläktGroup in November 2025 for €1.5 billion. Samsung has also announced plans to invest approximately 240 billion won in a new FläktGroup production line at its Gwangju facility beginning operations in 2028, producing cooling systems for AI data centers. A Modine acquisition would extend that strategy into the U.S. market.
Modine reported Data Centers segment sales of $439.7 million in its fiscal second quarter ended September 30, 2026, up 95% from $225 million a year earlier. Segment operating income rose 70% to $61.2 million, but gross margin declined 4.7 percentage points to 19.7% due to higher material, component and tariff costs. The company also began commercial production at a 682,000-square-foot facility in Grand Prairie, Texas, producing Airedale chillers for data-center customers.
Despite the takeover speculation, no agreement has been reached. Bloomberg Intelligence analysts suggested the deal could help Samsung branch out beyond memory chips, while others pointed to Modine’s focus after spinning off its Performance Technologies business on October 1. The next potential catalyst is Modine’s Analyst and Investor Day on November 18, although no acquisition announcement has been promised.
