SAN ANTONIO-SBC Communications, an owner of U.S. wireless carrier Cingular Wireless L.L.C., said it plans to sell at least 69.4 million shares in Danish telecom company TDC. TDC owns the largest wireless carrier in Denmark, TDC Mobile.
SBC holds a 42-percent stake in TDC.
SBC said the sale would be completed through a private placement to institutional investors and may also involve offering shares to TDC.
Market watchers have speculated for months that SBC would sell its stake in the Danish company. Shares of TDC were down following the news.
