Report: Samsung in talks to acquire data center cooling equipment maker Modine

Samsung Electronics is in talks to acquire data-center cooling-system manufacturer Modine Manufacturing, according to people familiar with the matter. The two sides are discussing a potential deal that could be reached as soon as the coming weeks, the people said, requesting anonymity because the information is confidential. Modine currently has a market value of about $5.6 billion. Its shares have fallen about 15% since it reported quarterly results on Nov. 3 that disappointed investors. No final decision has been made and the talks could still fall apart, the people said, adding that other potential bidders could also emerge. The talks underscore the rising M&A activity around companies serving the booming AI market. U.S. firms and their overseas rivals are seeking to capture the growth opportunities presented by data centers through increased investment and dealmaking. Companies involved include Samsung's Asian competitors Daikin Industries and LG Electronics, as well as U.S. firm Vertiv. Representatives for Samsung and Modine declined to comment.