The 76ers are sending Marreese Speights to Memphis, the Grizzlies will move Xavier Henry to New Orleans and the Grizzlies and Hornets each will send a second-round draft pick to Philadelphia.
The 6-foot-6 Henry, in his second NBA season out of Kansas, has averaged 4.3 points and 1.0 rebound in 38 games with Memphis.
"We are delighted to welcome Xavier to our team and the New Orleans community," Hornets general manager Dell Demps said in a release Wednesday. "We hope Xavier will develop into a good basketball player that will contribute to the success of the New Orleans Hornets this season and into the future."
Henry became the first player in Kansas history to leave for the NBA after his freshman season.
The 6-10 Speights is in his fourth NBA season out of Florida and has averaged 7.2 points and 3.7 rebounds.