The book value for the gas distribution assets is almost certainly below the sales prices of roughly 1B$. I assume this, because the distribution business had ~60M$ in EBIT or roughtly 40M$ posttax.. Typically and utility should generate a roughly 10% ROE posttax, even if we assume 8%, that would be a book value of 500M$, which would mean that LG paid at leat 2x book.
I think LG paid full value for this asset, which should be good news for ETP and ETE unitholders.
Went back to SUG 10K/Q posts. The book value is somewhere between $300-400M (probably closer to $300M) according to the reports. ETP stated "we will do everything possible to minimize taxes on our unitholders." This obviously means they will find a replacement property - should not be hard as anything in the NG gathering business would work.