Key insights
- Samsung Electronics is reportedly in talks to acquire Modine Manufacturing, a company specializing in data center cooling systems. The potential deal could be finalized in the coming weeks. Modine shares surged over 28% on the news, driven by increasing demand for its solutions supporting the AI industry. Samsung operates its own cloud centers through its SDS arm.
Investing.com-- Samsung Electronics (KS:005930) is in talks to buy Modine Manufacturing (NYSE:MOD), a company that develops cooling systems for data centers, Bloomberg reported on Thursday.
The companies are discussing a potential deal that could come together as soon as the coming weeks, the Bloomberg report said, citing people familiar with the matter.
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Modine shares surged over 28% in aftermarket trade on Thursday, following the report. The company develops thermal management systems and was founded in 1916.
The company has benefited from increasing demand for its data center solutions in recent years, amid rapidly growing construction to fuel the artificial intelligence industry.
Samsung operates 18 global cloud centers through its SDS arm.
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