Modine stock jumps nearly 19% as $1 billion Gentherm tie-up sharpens data center cooling focus
Modine shares rose 18.6% to $174.15 after announcing a $1 billion deal to spin off its Performance Technologies unit and merge it with Gentherm in a Reverse Morris Trust. Modine will receive $210 million in cash and its shareholders about 40% of the combined company. The deal is expected to close in late 2026, pending approvals. Gentherm shares were little changed.