PHOENIX (July 4, 2012) -- Steve Nash's agent Bill Duffy says the two-time MVP point guard is going to the Los Angeles Lakers in a sign-and-trade deal with the Phoenix Suns.

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. He agreed to a three-year, $27 million contract. In return, the Suns get four draft picks - first rounders in 2013 and 2015 and second rounders in 2013 and 2014.

Duffy said the deal was finalized about 6 p.m., PDT. He said a main reason for Nash choosing the Lakers was to remain close to his children, who live in Phoenix. There had been sign-and-trade talks with New York and a lucrative free agent offer from Toronto.