The Islanders have agreed to an eight-year contract extension with forward Bo Horvat, who was acquired from the Vancouver Canucks on Jan. 30.

Sportsnet’s Elliotte Friedman reports the deal is worth $68 million over the eight years, giving Horvat an average annual value of $8.5 million.

"First of all, whenever you make a transaction like that, the intent is to certainly sign him long-term or you wouldn't do that," said Islanders president of hockey operations Lou Lamoriello.