ARM plans to transfer two of its internet of things (IoT) businesses to Softbank (via TechCrunch). If the company’s board of directors approves the move, Softbank would then directly oversee those divisions. The Japanese company bought the chip designer in 2016 as part of a blockbuster deal worth £24.3 billion at the time. ARM says the goal of the move is to narrow its focus on its core semiconductor intellectual property business, which should in turn improve growth and profitability.

“Softbank’s experience in managing fast-growing, early-stage businesses would enable [the IoT Services Group] to maximize its value in capturing the data opportunity,” said ARM CEO Simon Segars. “ARM would be in a stronger position to innovate in our core IP roadmap and provide our partners with greater support to capture the expanding opportunities for compute solutions across a range of markets.”