I think it's not fair that my answer got accepted alone - the first answer is also correct, you should at least consider splitting the points.
Maciej S
In case author have GNU sed, then I have to admit, that your answer is much better. No need to remember what should be escaped. I agree with author about chosen answer :)
There may be only need to escape '|' character with backslash.
sed 's/SentenceA\|SentenceB/Se
If these sentences contains spaces:
sed 's/\(Sentence A\)\|\(Sentence B\)/Sentence C/'