It’s being reported that Dell Inc. is set to announce the sale of its IT services unit to Japanese telecommunications giant NTT Corp. for $3.5 billion later today, finalizing a process that began late last year.

Dell wants to sell off the division, which was previously known as Perot Services, in order to help raise $10 billion it needs to help finance the debt it will take on after it completes its $67 billion acquisition of storage giant EMC Corp. later this year.

Dell will take on a $50 billion debt once that deal goes through, and the sale of its IT division signals that the company is looking to repay that debt as rapidly as it can.

Re/Code, which first reported today’s news, said that neither Dell nor Silver Lake, the private equity firm that part-owns Dell, was prepared to comment.

Despite this wall of silence, Dell has already confirmed that it plans to sell of what it calls “non-core assets” in filings made with the U.S. Securities and Exchange Commission (SEC) earlier this month. Previous reports also said Dell was hoping to rake in $5 billion for the sale of its IT Services business unit, however Re/Code says NTT won’t budge much further than the $3.5 billion its offering. That means Dell will likely be getting less than the $3.9 billion it paid to acquire Perot Systems back in 2009.

Dell was talking to multiple prospective buyers at one stage, including France’s Atos SE, Canada’s CGI Group Inc., India’s Tata Consultancy Services Ltd., and Genpact Ltd., a U.S. firm. Discussions with Atos were reportedly at an “advanced stage” in January, however the two companies ultimately failed to agree on a price.