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Enterprise Products Partners

(EPD) - Get Enterprise Products Partners L.P. Report

has reportedly agreed to buy

GulfTerra Energy Partners

(GTM)

for about $5 billion.

The cash-and-stock deal will enable GulfTerra's biggest shareholder,

TheStreet Recommends

El Paso Corp

(EPD) - Get Enterprise Products Partners L.P. Report

, to raise cash as it continues to cut debt, according to a report Sunday by

Bloomberg

.

As part of the deal, Houston-based Enterprise will also assume GulfTerra's debt in acquiring its ownership or interest in natural gas pipelines, offshore oil lines, processing plants and storage facilities.

El Paso is scheduled to present its long-term business plan Monday at 8:30 a.m EST, at which time the deal is expected to be announced.

On Friday, Enterprise shares lost 30 cents, or 1.3%, to $22.80; GulfTerra shares rose 22 cents, or 0.5%, to $40.39; and El Paso shares fell 5 cents, or 0.7%, to $6.74.