Analysis
Samsung Electronics is in talks to acquire Modine Manufacturing, a Racine, Wisconsin-based maker of data center cooling systems with a market capitalization of about $5.6 billion, Bloomberg News reported on Thursday, November 12, 2026, citing people familiar with the matter. Modine shares jumped 29% in extended trading after the report, according to International Business Times on Yahoo Finance, from a Thursday close of $106.10. No price or financing terms have been reported, no final decision has been made, and the talks could still collapse or draw another bidder. Reuters said it could not immediately verify the report, and neither company has confirmed it. MT Newswires carried the same development on Friday under the headline "Modine Manufacturing Shares Jump on Samsung Electronics Buyout Talks," per MarketScreener.
What Modine does
Modine calls itself a diversified global leader in thermal management technology, with operations in North America, Europe and Asia, according to its fiscal second-quarter 2027 release. It reports two growth segments, Data Centers and Commercial HVAC, and is run by President and CEO Neil D. Brinker. On Wednesday, November 11, Modine said commercial production of Airedale chillers had started at a 682,000-square-foot plant in Grand Prairie, Texas, building 2-megawatt and 3-megawatt chillers for data centers, per the IBT report. The company plans four operating 2-megawatt lines there by the end of its fiscal year and a move from one shift to three.
How fast is Modine's data center revenue growing?
Modine's November 3 release, in which Brinker cited "record orders and backlog in our Data Centers segment," reported:
“The company plans four operating 2-megawatt lines there by the end of its fiscal year and a move from one shift to three.”
- Modine net sales -- up 35% to $994.4 million, from $738.9 million a year earlier
- Modine Data Centers segment -- up 95% to $439.7 million, from $225.0 million
- Modine Commercial HVAC segment -- up 23% to $285.5 million
- Modine operating income -- up 33% to $97.8 million; adjusted EBITDA up 31% to $136.2 million
- Modine fiscal 2027 outlook -- net sales of $3.1 billion to $3.2 billion; adjusted EBITDA for the continuing business of $470 million to $500 million
The market did not reward that quarter. Modine shares had fallen about 15% since November 3 before the Samsung report, after the results disappointed investors, per IBT. Samsung's interest arrived at a stock that had just been marked down, which is the setup buyers look for.
Why Samsung wants a data center cooling company
Samsung has made this move once already. In 2025 it agreed to buy FläktGroup, Europe's largest HVAC supplier, from investment firm Triton for 1.5 billion euros ($1.7 billion), KED Global reported, describing the deal as a bet on demand for climate control in data centers.
KED Global cited forecasts that the data center cooling market will grow about 18% a year and that the applied HVAC market will expand from $61 billion in 2024 to $99 billion by 2030. Pulse tracks Samsung's other AI infrastructure bets on its Samsung company page.
Modine would be a larger target. At the roughly $5.6 billion market value IBT cited before the jump, Modine is worth more than three times what Samsung agreed to pay for FläktGroup, before any takeover premium.
Modine competitors: Vertiv sets the scale
The benchmark public peer is Vertiv. Its third-quarter 2026 results showed net sales of $4,313 million, up 61% from a year earlier, and Vertiv raised its full-year 2026 guidance.
Vertiv's single quarter is about 4.3 times Modine's latest quarterly sales, but Modine's Data Centers segment grew faster, at 95%.
Value Add VC data
Modine is a listed company, so it has no venture rounds. No prior rounds we could verify. The comparable marks:
- 2025, Samsung buys FläktGroup -- 1.5 billion euros ($1.7 billion), bought from Triton (KED Global)
- Nov 12, 2026, Modine before the report -- about $5.6 billion market value, $106.10 close (Yahoo Finance)
- Q3 2026, Vertiv -- $4,313 million quarterly net sales, up 61% (Vertiv)
The risk in a 29% pop with no price
The stock move prices in a deal that does not exist yet. Bloomberg's sources said talks could produce an agreement within weeks, but the same report says no final decision has been made. A Korean buyer taking over a U.S. supplier of critical data center equipment could also face U.S. regulatory review, which would stretch any timeline. If talks fail, Modine trades back on a fiscal 2027 guide of $3.1 billion to $3.2 billion in sales and a Texas chiller plant that is still ramping from one shift to three.
