The Boston Celtics on Friday acquired free-agent shooting guard Courtney Lee in a sign-and-trade deal with the Houston Rockets that also included the Portland Trail Blazers.

The Celtics are giving Lee a fully guaranteed four-year contract (reported by Yahoo! Sports to be worth $21.5 million) and trading away JaJuan Johnson, E'Twaun Moore, Sean Williams and a second-round pick to Houston and Sasha Pavlovic, two future second-round picks, and cash considerations to Portland. The Blazers were added to the mix Thursday night in order to facilitate the deal and give Lee a higher salary.

Based on the numbers reported by Yahoo!, Lee is expected to make around $5 million in the first year of the deal.

Moore and Sean Williams -- playing on non-guaranteed contracts -- are expected to be waived by the Rockets, a league source said, but, per league rules, the Celtics cannot reclaim them for one year's time. Both are expected to go into the waiver pool once the deal is made official.

For all the latest, hop HERE.

(Update: The Celtics formally announced the deal Friday evening. Said Celtics president of basketball operations Danny Ainge: "We are very excited that we were able to acquire Courtney Lee. Courtney brings a vast set of tools on both ends of the court and will be a great fit on our roster.” ... Story updated to reflect Trail Blazers acquired two second-round picks from Boston.)