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The deal was finalized Friday afternoon.
In exchange for Hill, the Mets are sending right-handed reliever Tommy Hunter and catching prospect Matt Dyer to the Rays. Dyer was not among the Mets' top 30 prospects.
"This is a guy that fits right in," Mets manager Luis Rojas said prior to the Mets facing the Blue Jays on Friday, adding that he's going to help the team "hugely."
Hill, 41, had a 3.87 ERA (4.55 FIP) and 1.16 WHIP in 19 starts this season for the Rays.
For his career, Hill has a 3.80 ERA (3.99 FIP) and 1.21 WHIP in 17 big league seasons with 10 different teams.
He is earning $2.5 million this year, and is set to become a free agent after the season.
New York was in dire need of starting pitching help, with just three healthy starters and no set starting pitcher yet for Sunday's game against the Toronto Blue Jays or either game of Monday's doubleheader against the Atlanta Braves.
Hill last pitched on July 18, so he would theoretically be able to slot into the rotation on either Sunday or Monday, though Rojas wouldn't commit to a time before Friday's game.