Brandon Knight has been traded to the Phoenix Suns, while Michael Carter-Williams, Tyler Ennis and Miles Plumlee will go to the Milwaukee Bucks.
The Philadelphia 76ers will acquire picks as part of the deal, including the Los Angeles Lakers' 1-5 protected for 2015 first rounder from the Suns.
Knight will be a restricted free agent in the offseason.
The Suns also acquired Kendall Marshall, who is out for the season and will be waived.