From the Star Tribune:
The Timberwolves traded guard Ricky Davis and center Mark Blount to Miami for three players and a first-round pick, the team announced early this afternoon.
The Heat are sending veterans Antoine Walker and Michael Doleac, along with 24-year-old Wayne Simien, to Minnesota. The Wolves also acquired a No. 1 pick, but details of that selection were unclear early this afternoon.
From the Wolves site:
The Minnesota Timberwolves today announced the team has acquired forwards Antoine Walker and Wayne Simien and center Michael Doleac, along with a first-round draft pick and financial considerations from the Miami Heat in exchange for center Mark Blount and guard Ricky Davis.