According to Jon Heyman, the Pirates have completed a trade with the Detroit Tigers for right-handed reliever Joakim Soria. Soria had been working as the Tigers' closer, compiling a 2.85 ERA and a 1.05 WHIP in 41 innings this year, with 36 strikeouts and 11 walks. It is worth noting that his home run rate is much higher this year than it had been in past seasons, but that could just be random variance insofar as it isn't accompanied by a change in his flyball rate, and his average velocity has actually improved.
The two-time All-Star is 31 years old, and it seems likely that he will share a setup role with Tony Watson, bolstering the back end of the Pirates' bullpen. He is earning $7 million this year (plus various incentives and escalators), and will be a free agent at the end of the season. As an impending free agent traded in the final year of his deal, he will not be eligible for draft pick compensation.
There is currently no word on what the Tigers will receive in return for Soria. When he was traded at the deadline last year, the Rangers received young pitchers Jake Thompson and Corey Knebel, the former of whom is regarded as a top-100 type prospect. Soria had an extra year of control remaining on his contract at that point, however, so the comparison is not a linear one.
Update: Jon Morosi reports that the Tigers will receive one minor league player in the deal.
Update 2: According to Rob Biertempfel, the Tigers will receive minor league shortstop JaCoby Jones as their return for Soria. This will likely be a bitter pill to swallow for some Pirates fans, as the toolsy Jones was somewhat of a cult favorite among the prospect-watching set. Jones, who was recently promoted to Altoona, has speed and power and arm strength, and he could very well end up as an everyday player in the major leagues within the next few years. Still, Jones's continuing issues with contact and decreased performance in 2015 mean that he's far from a sure thing, and established closers like Soria never come cheap at the trade deadline.