Samsung Reportedly in Talks to Buy Modine, Whose Data Center Sales Rose 95%

Samsung Electronics is in talks to acquire Modine Manufacturing, the US-listed maker of data center cooling systems, Bloomberg News first reported on Nov. 12, citing people familiar with the matter.

Bloomberg said the companies are discussing a deal that could come together as soon as the coming weeks, according to Reuters' account of the report. Reuters said no final decision has been made and the talks could still fall apart, and that another suitor could also emerge. Reuters could not immediately verify the report, and Samsung and Modine could not be reached for comment. Neither company had published a statement on the talks in anything Voltgrid found by Nov. 13, and no price has been reported.

Modine is the company whose Data Centers segment sales rose 95% to $439.7 million in the quarter ended Sept. 30, as Voltgrid reported after its Nov. 3 results. Reuters, as carried by the New Straits Times, put Modine's market value at $5.6 billion as of Nov. 12, according to data compiled by LSEG, and said the shares rose in extended trading after the report. That is context only: the talks are unconfirmed, and a share price reflects the report rather than any agreed terms.

Modine's own numbers show what is on the table. Its quarterly release says Data Centers sales were $439.7 million against $225.0 million a year earlier, driven mainly by higher sales to hyperscale customers in North America. Group net sales were $994.4 million, so the segment made up about 44% of the total by Voltgrid's arithmetic. Segment gross margin was 19.7%, down 470 basis points, which the company attributed mainly to higher material, component and tariff costs. Chief executive Neil Brinker called orders and backlog in the segment records.

Samsung's earlier cooling purchase

Samsung has already bought into the same market once. It said on May 14, 2025 that it had agreed to buy FläktGroup for 1.5 billion euros from Triton, and on Nov. 6, 2025 that it had completed the purchase, keeping FläktGroup's name, management and facilities as an independent subsidiary. Samsung's May 2025 release described FläktGroup's data center offering as liquid cooling and air cooling products. Voltgrid covered one of its newer products, a 2.5 MW DX CDU for a 25 MW US data hall.

What a deal could mean for cooling buyers

For hall operators, the consequence is supply concentration. Modine is one of the suppliers named in Voltgrid's Nov. 12 cooling roundup, where its data center unit grew 95% in the quarter while AAON's BASX unit grew 218%. If a conglomerate with an existing HVAC arm owned both Modine and FläktGroup, buyers of chillers, air handlers and coolant distribution units would be dealing with fewer independent vendors, though nothing about integration is known.

What is not confirmed yet

Neither Samsung nor Modine has confirmed the talks, and the terms, price and structure are not public. Modine has said it will share longer-term revenue and earnings targets at its Analyst and Investor Day on Nov. 18, and Voltgrid will report any statement from either company. Bloomberg's report is paywalled, so this story relies on Reuters' account of it and on the companies' own releases for every other figure.