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"We like the way Matt plays," Flyers GM Paul Holmgren said. "He's a character-intense player. He plays physical. He's a stay-at-home guy that is a good penalty killer. On our team he can buy us dirty minutes and not be a liability, but be a positive force and help and defend our own zone."
Walker said he has "always wanted to play in Philly" and that he would be a "good fit" with the Flyers.
"My initial reaction was pure excitement," Walker said.
The 30-year-old Gagne, chosen by Philadelphia with the No. 22 pick in the 1998 NHL draft, led the Flyers in goals three times -- including two 40-goal seasons -- and twice in points. He was chosen as the team's MVP in two seasons and was selected to the NHL All-Star game twice.
"Anytime you're talking about a young man that has brought as much to the organization that Simon has, it's very difficult," Holmgren said of dealing Gagne.
Gagne, who scored a career-best 47 goals during the 2005-06 season, scored the winning goal in overtime of Game 4 against Boston in the second round and the decisive goal in Game 7 of that series to complete Philadelphia's comeback from a 3-0 deficit.
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