Breaking AnalysisM&A and Private EquityBlackstone Is Buying a Liquid-Cooling Platform. Modine Is Rebuilding Around a $4 Billion Data-Center Cooling Agreement.Blackstone agreed to acquire Flow Control Holdings as Modine prepares to become Modexus Solutions after a roughly $1 billion portfolio separation. Together with Modine's $4 billion data-center cooling capacity agreement, the moves show capital concentrating around the mechanical infrastructure required to cool AI compute.TradeVulcan Dispatch Editorial Desk14 min