Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

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.