Samsung in talks to buy data center cooling firm Modine

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% in extended trading following the report. The company had a market value of $5.6 billion as of Thursday, according to data compiled by LSEG.