Makes sense.
If you're a PE firm, it's obvious there's some quick cash to be grabbed in a rip-and-run sale of the foundry assets. Sure it'd fuck Intel but that's not your problem after you cash the check.
And there's also a good case that could be made that the design side is valuable and the foundry isn't worth what's being spent because, after all, AMD is competing just fine without having to invest endless billions.
Of course, if you're Intel, you don't WANT to just be a design firm and rely on some 3rd party to make your shit, and so, you do this.