The Celtics released the following statement.
The Boston Celtics announced today that they have signed guard/forward Chris Babb to a multi-year contact. Per team policy, terms of the deal were not disclosed.
In related moves, the Celtics have waived forward Shavlik Randolph and assigned Babb to the Maine Red Claws.
There's obviously some familiarity with Chris Babb and now that the team has Jared Sullinger back it seems like Randolph was not necessary for their depth.
As Chris Forsberg points out, Babb's deal might be another asset to use as trade bait in the offseason. It will be unguaranteed and thus something that can be used to match salaries (and be waived if the other team wants).