The 33-year old Valdez had been with the Phillies the past two seasons after signing with the team as a free agent in November of 2009. Valdez played in 210 games with the Phillies and hit .254 during his stint with the team, while serving as a utility infielder. Valdez found playing increased playing time due to injuries to Chase Utley, Jimmy Rollins and Placido Polanco during his tenure in Philadelphia.
In exchange, the Phillies get left-hander reliever Jeremy Horst. The 26-year old Horst made his major league debut with the Reds last May and pitched in 12 games with the club, posting a 2.93 ERA and no decisions.
Earlier in the off-season, the Phillies added infielder Ty Wigginton as a free agent and are thought to be exploring the remaining free agents for another veteran infielder to add to the roster.
Horst will be given a chance to fight for a bullpen spot in spring training.