Lakers announce Steve Nash deal

The Los Angeles Lakers officially announced Wednesday their acquisition of two-time MVP Steve Nash from the Phoenix Suns.

As part of the sign-and-trade deal, the Suns received first-round draft picks in 2013 and 2015 as well as second-round draft picks in 2013 and 2014.

Nash received a three-year deal for an estimated $27 million, sources told ESPN.com's Marc Stein last week. The 38-year-old Nash, who spent the past eight seasons with the Suns, was a free agent but a sign-and-trade agreement was necessary for the Lakers to afford him.

The Lakers said in a statement that they have scheduled a press conference with Nash and general manager Mitch Kupchak for Wednesday at 3 p.m. ET.

Information from The Associated Press was used in this report.