An equity sale refers to the sale of the common shares of a company, instead of only the assets. When an equity sale occurs, the company remains exactly the same with only the ownership structure changing hands between the seller and the buyer.
Asset sales are a common way for enterprises to withdraw from a market, improve tax structure, obtain cash flows, reduce related risks, etc. After the asset is sold, the legal representative obtains the consideration for the asset sale and it won't affect the legal status of the company. An equity sale typically results in less disruption to the customers, employees, and other stakeholders of the company because it continues to operate in the same way as it did prior to the closing of the transaction.