7:19pm: Kovacevic has comments from Pirates' GM Neal Huntington on the deal:
"This may be the toughest decision we have made in my time with the organization. Nate is a quality player and person but, as we have said several times, tough decisions will need to be made as we build and sustain a championship-caliber organization. Nate has worked as hard as any player to become a starting major league Player, proving wrong anyone who may have doubted him. When we signed Nate to a long-term contract, we did so with the intent on having him remain part of our core of homegrown talent. But the quality and quantity of talent we are receiving in this trade moves us closer to our goal of building that sustainable championship-caliber club and compelled us to move a very good player and an outstanding young man."
Huntington also comments on the three prospects the Pirates acquired, and says none of them will be in Pittsburgh immediately.
6:10pm: According to Dejan Kovacevic of the Pittsburgh Post-Gazette, the Braves acquired Nate McLouth from the Pirates today. Dave O'Brien of the Atlanta Journal-Constitution says the Braves are sending three prospects to the Pirates for him. MLB.com's Mark Bowman names them: starters Jeff Locke and Charlie Morton and center fielder Gorkys Hernandez.
McLouth is signed through 2011 with a 2012 club option on an extension agreed to in February. This is probably not what he had in mind upon signing the deal, but the Pirates couldn't resist. Morton is big league ready, while Locke and Hernandez, also highly regarded, are further off. Andrew McCutchen will join the Bucs to replace McLouth in center field.