Samsung in Talks to Buy Data Centre Cooling Maker Modine

The companies are discussing a transaction that could come together as soon as the coming weeks, the people said, asking not to be identified because the information is private. No price or terms were reported, and neither company had confirmed the talks.

A purchase would give the South Korean electronics group a second large foothold in the equipment that keeps AI servers from overheating, one of the fastest-growing parts of data centre spending as chips draw more power. Cooling systems are now a constraint on how quickly operators can bring new AI capacity online, and their makers have become acquisition targets in their own right.

Samsung has already moved in this direction. In November 2025 it completed the acquisition of FläktGroup, which it describes as Europe's largest heating, ventilation and air-conditioning company, from investment firm Triton in a deal valued at €1.5 billion. Samsung kept FläktGroup as an independent subsidiary and has said it wants to lead in the HVAC and data centre markets.

Modine has been reshaping itself around data centres. In May it signed a long-term capacity agreement with an unnamed data centre customer covering more than $4 billion of purchases of its Airedale-branded cooling systems through 2029, under which it guarantees production capacity from 2027 to 2029. The customer paid $165 million upfront to help fund Modine's manufacturing expansion. The company had earlier said it was reviewing strategic alternatives, including a possible sale of all or part of its Performance Technologies business, which serves vehicle and industrial markets.

Samsung and Modine did not comment in the Bloomberg report. Any agreement would need the approval of Modine's board and shareholders and would likely face US regulatory review of a foreign takeover.