Samsung Electronics is in talks to acquire Modine Manufacturing, a United States maker of cooling systems for data centres, Bloomberg News reported on Thursday, in a deal that would deepen the South Korean group's push into the equipment behind the artificial intelligence boom.

The companies are discussing a potential transaction that could come together in the coming weeks, according to the report, which cited people familiar with the matter. No final decision has been made, the talks could still fall apart, and another suitor could emerge, the report added.

Reuters said it could not immediately verify the report, and that Samsung and Modine could not be reached for comment. Neither company has announced a deal.

Modine shares jump after the report

Modine shares surged about 29 per cent in extended trading after the report was published. The shares had closed regular trading on Thursday at $106.10, giving the company a market value of about $5.6 billion, according to data compiled by LSEG.

Samsung shares rose as much as 3.9 per cent in Seoul on Friday before paring gains. The stock has risen 72 per cent this year, giving the company a market value of about $910 billion.

The sharp move in Modine's shares reflects how closely investors are watching companies that supply the physical infrastructure for AI data centres. Cooling has become one of the most closely watched parts of that supply chain, as more powerful chips generate more heat and data-centre operators look for systems that can keep them running efficiently.

Data-centre sales nearly doubled

Modine, based in Racine, Wisconsin, has been expanding rapidly in data-centre cooling. Its data-centre sales nearly doubled in its most recent quarter to $439.7 million, as demand for cooling equipment rose alongside spending on AI infrastructure.

The company completed the spin-off of its Performance Technologies business on 1 October. Shareholders are due to vote on Friday, 13 November, on changing the company's name to Modexus Solutions.

Samsung has already moved into the heating, ventilation and cooling market. It completed its acquisition of FlaktGroup, a German heating, ventilation and air-conditioning company, in November 2025.

What happens next

A deal for Modine would add a US-listed cooling specialist to Samsung's portfolio at a time when data-centre construction is accelerating around the world. It would also place Samsung more directly in competition with other suppliers racing to serve the same customers.

For now, however, the talks remain unconfirmed. Investors will be watching for any statement from either company, and for whether the reported discussions lead to a formal offer in the coming weeks.

The report comes during a turbulent week for AI-related stocks, after Nvidia chief executive Jensen Huang resigned on Thursday, unsettling shares across the chip sector. Against that backdrop, the Modine talks show that deal-making in AI infrastructure is continuing even as markets reassess the sector.