June 29 (Bloomberg) -- Enterprise Products Partners LP agreed to purchase Teppco Partners LP to create the nation’s largest pipeline partnership.

Teppco unitholders will receive 1.24 Enterprise common units for each Teppco unit, the companies said today in a statement.

The combined partnership, which will retain the name Enterprise Products Partners LP, will access the largest producing basins of natural gas, natural gas liquids and crude oil in the U.S. and own almost 48,000 miles of pipelines comprised of over 22,000 miles of NGL, refined product and petrochemical pipelines, over 20,000 miles of natural gas pipelines and more than 5,000 miles of crude oil pipelines.

“We are excited to announce this merger, which will establish Enterprise as the largest pipeline partnership as measured by miles of pipe, enterprise value and equity market capitalization,” said Michael A. Creel, president and chief executive officer of Enterprise.

Last Updated: June 29, 2009 07:12 EDT