The partnership still exists, same name, same EIN.

The one partner that stepped away did not leave with anything.  He did not sell.  

The one partner that stayed originally owed 50% of the partnership.  He has sold his 49% plus the partner that stepped aways 50% to the new partner that now owns 99%.

I wondered that myself with the sale of "assets".

Really this is a nice person kind of deal.