Ottawa Senators defenseman Dion Pahenuf is heading to Los Angeles.
The Sens are also sending Nate Thompson as they receive Marián Gáboríkand Nick Shore from The Kings.
Phaneuf thanked the Senators organization after Tuesday night's game in Pittsburgh.
"I've got nothing but great things to say about the City of Ottawa, about the organization, and about my time here," he said. "It's disappointing when you do get moved but with saying that I'm very excited about where I'm going and the team that I'm going to."
Phaneuf said the trade is good for him personally as his wife, actress Elisha Cuthbert, spends a great deal of time in L.A.
The Sens will retain 24 per cent of his contract as part of the deal.
Last night, Erik Karlsson tweeted "It's with a tear in my eye I say goodbye for now, to two good friends and true pros."
Earlier this week, players received notice that changes were coming as the team experiences more turmoil on and off the ice. Just last week, the team's President Tom Anselmi announced his resignation.
Phaneuf arrived in Ottawa as part of a nine-player trade with the Toronto Maple Leafs in 2016.