SBC to sell TDC stake to fund AT&T buyout

Texas-based SBC Communications has announced plans to sell the majority of its stake in Danish telco TDC via a private placement to institutional investors. The shares – equal to 32% of TDC – are expected to fetch as much as USD2.1 billion and comes just months after SBC’s sale of its holding in Belgian operator Belgacom. The US group’s exit from Europe is part of a plan to raise funds to help pay for its share of Cingular Wireless’ USD41 billion takeover of AT&T Wireless.