(CBS) The Theo Epstein compensation saga is finally over.

The Cubs sent right-handed pitcher Chris Carpenter and a player to be named to the Red Sox Tuesday in exchange for another player to be named. The transaction was agreed upon by both clubs.

“I am relieved that this process is over and particularly pleased that the teams were able to reach agreement on their own without intervention from MLB,” Epstein said in a statement. “I truly hope and believe that this resolution will benefit both clubs, as well as Chris, who is an extremely talented reliever joining a great organization at a time when there’s some opportunity in the major league bullpen.

“More than anything, I’m excited that we can all move forward and focus exclusively on getting ready for the season.  I wish Chris and the Red Sox nothing but the best in 2012 and beyond.”

Carpenter, 26, bounced between Double-A, Triple-A and the Cubs last season, making a total of 42 relief appearances. He posted a 2.79 ERA in 10 relief outings in the majors.

Carpenter was a third round pick by the Cubs in the 2008 draft and is 21-19 with a 3.62 ERA in 96 outings (60 starts) in four minor league seasons.