This also suggests some cleanup of product groups, to be sold or shut down.
Intel Capital, Altera and Real Sense are already in process of being spun out and no reason to think that will change. Might even be sped up, as it seems clear enough that the current effort is to make the changes as quickly as possible, while getting the best price possible.
It is also claimed that the GF-UMC merger would precede some activity with IFS. My guess is that means the non-EUV fabs get sold or merged and IFS is split up then spun out.
Regardless, IFS is almost certainly going to have a historic restructuring, as others have previously mentioned on this site and elsewhere. Far, far fewer direct headcount, with many more contract workers and much smaller staff attached to a specific fab, so much more like other foundries.
Then IFS would be set to be spun off, but those changes might take a year or two.
Company is going to end up a similar size as AMD or NVDA, focused on a much smaller set of products. This is how failed conglomerates end, and they always eventually end.