Intel (INTC) is looking to spin off its networking unit as the struggling chipmaker moves to shed assets under the direction of new CEO Lip-Bu Tan, according to a report Friday. Intel has already started the process of courting strategic investors for its Network and Edge group,

Intel on Thursday confirmed its plan to spin off its Network and Edge Group in a memo to customers and said it will seek outside investment for the business unit.

Intel is looking for investors in order to spin-off its long-running Network and Edge Group (NEX), which generated $5.8 billion in revenue last year.