New Orleans officially announced a deal Thursday afternoon that involved the Hornets, Houston Rockets and Memphis Grizzlies.
The deal sent Mike James and Bonzi Wells to New Orleans.
Bobby Jackson, Adam Haluska and a second-round draft pick went to Houston.
Memphis received Brazilian forward Marcus Vinicius from the Hornets.
The draft rights of Ukrainian forward Sergei Lishchuk, a second-round pick of the Grizzlies in 2004, were sent to Houston.
The Grizzlies also got cash considerations from Houston and acquired the draft rights to Senegalese center Malick Badiane, a second-round pick in 2003, from the Rockets.
Different variations of the trade evolved Wednesday evening. The Grizzlies got involved to make it a three-team deal.