The D-backs, Rays and Reds pulled off a three-team trade on Tuesday that will send reliever Heath Bell and catcher Ryan Hanigan to the Rays.

The Reds will receive left-hander David Holmberg from the D-backs, with Arizona receiving right-hander Justin Choate and a player to be named or cash considerations. The D-backs also sent cash -- around $500,000 -- to the Rays to help offset Bell's contract.

The Marlins also included cash in the deal to help offset the $18 million that was left on Bell's contract.

Bell was acquired by the D-backs from the Marlins last offseason in exchange for infield prospect Yordy Cabrera.

Bell is set to make $9 million in 2014, and he has an option for 2015 that becomes guaranteed if he finishes 55 games next season.

The D-backs felt they could trade Bell given the presence of young relievers Matt Stites and Jake Barrett, both of whom will compete for bullpen spots in Spring Training.

The move also saves the D-backs more than $8 million that they can use toward adding a starting pitcher and corner outfielder this offseason.

Choate made 16 relief appearances for the Rays' affiliate in the New York-Penn League last season.

Hanigan hit .198 in 260 plate appearances for the Reds in 2013, and in parts of seven big league seasons, he has hit .262 with a .703 on-base plus slugging mark.

Hanigan fits the Rays' profile as a solid hitter who can offer a quality at-bat. He also is known as a solid defensive catcher, and joins Jose Molina and Jose Lobaton on Tampa Bay's roster.