<B>Report</B>: Enterprise Products to Acquire GulfTerra Energy - TheStreet

Enterprise Products Partners

(EPD) - Get Report

has reportedly agreed to buy

GulfTerra Energy Partners


for about $5 billion.

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

El Paso Corp

(EPD) - Get Report

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



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.