Samsung in talks to buy data center cooling firm Modine

NEW YORK: Samsung Electronics is in talks to acquire Modine Manufacturing, a US-listed maker of cooling systems for data centers, Bloomberg News reported on Thursday, citing people familiar with the matter.

The companies are discussing a potential deal that could come together as soon as the coming weeks, the report added.

Shares of Modine surged 29 per cent in extended trading following the report. The company had a market value of US$5.6 billion as of Thursday, according to data compiled by LSEG.

No final decision has been made and the talks could still fall apart, the report said, adding that another suitor could also emerge.

Reuters could not immediately verify the report. Samsung and Modine could not be reached for comment immediately.