The Rockets have acquired Derek Fisher from the Lakers in exchange for Jordan Hill, according to Jonathan Feigen of the Houston Chronicle (on Twitter). Houston also receives the first-round pick in the Lakers acquired from Dallas in December's Lamar Odom trade, tweets Adrian Wojnarowski of Yahoo! Sports.
While the Lakers ended up moving both of their 2012 first-rounders in this trade and today's Ramon Sessions deal, they were able to upgrade their roster and improve their future cap situation. Fisher and Luke Walton were both under contract for multiple years, while Hill and Sessions could both come off the books at season's end.