Sony Group Corp. is examining a divestiture of Sony Semiconductor Israel, the unit that designs cellular chipsets for wearables, smart meters and other connected devices, according to people familiar with the matter. The Japanese conglomerate has hired investment bankers to gauge interest from private-equity firms and rival semiconductor makers, the sources said. The business, acquired as Altair Semiconductor in 2016 for about $212 million, generates roughly $80 million in annual recurring revenue and could fetch close to $300 million in a sale, the people added. Sony declined to comment on the process, which is described as being at an early stage. A disposal would advance Sony’s strategy of concentrating on higher-growth entertainment segments—games, music and film—which delivered more than 60 percent of group profit last fiscal year. The company is also preparing a partial spinoff of its financial services arm and has signaled it may bring partners into parts of its broader chips business as it adopts a more asset-light model.