Bloomberg reported that Samsung Electronics is pursuing the acquisition of Modine, a US data center cooling specialist, as it seeks to enter the AI infrastructure market. The negotiations could be announced within weeks at the earliest.
Samsung Electronics has reportedly been pursuing the acquisition of Modine Manufacturing, which provides cooling solutions for US data centers. The acquisition talks are progressing, according to people familiar with the matter, and it is believed that a formal announcement could be made within weeks.
Modine is headquartered in Racine, Wisconsin, and manufactures commercial and industrial heating and cooling systems. The company has been increasingly focusing on thermal management for data centers.
Modine's CAGR in data center thermal management over the past 3 years is said to have been approximately 86%. Last year, it spun off its automotive business to focus on this area.
Following speculation about the acquisition, Modine's market capitalization was reported at approximately $5.64 billion, and its share price surged about 27% in after-hours trading following the report.