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Montreal's loss is Toronto's gain.
The Maple Leafs have agreed to terms on a one-year contract with P.A. Parenteau worth $1.5 million, according to Renaud Lavioe of TVA Sports.
Parenteau was bought out by the Canadiens in advance of free agency.
The 32-year-old playmaking winger has recorded 81 goals and 146 assists in 347 career games, with a career-high 67 points reached back in 2011-12 with the New York Islanders.