06/29/2015 12:52 EDT | Updated 06/29/2016 05:59 EDT

P.A. Parenteau bought out by Canadiens

The Montreal Canadiens have bought out the contract of forward P.A. Parenteau, the team announced Monday.

Montreal placed Parenteau, 32, on waivers Sunday with the intention of buying out the final year of his deal.

Parenteau was due $4 million US in 2015-16, but will now count only $1.33 million against the Canadiens' salary cap in each of the next two seasons.

"It was a difficult decision to make, but we feel it gives us more flexibility as we continue to improve our club and provide our young prospects with an opportunity to earn a spot on our roster," said general manager Marc Bergevin.

Parenteau was acquired by Montreal from Colorado last summer along with a fifth-round draft pick in exchange for forward Daniel Brière.

Parenteau had 22 points (eight goals) in 56 regular-season games with the Canadiens in 2014-15.