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Arsenal smashed their record transfer by signing Mesut Ozil from Real Madrid for £42.4m on a dramatic transfer deadline day as summer spending in the Premier League also reached a new high.
Marouane Fellaini's last-gasp move from Everton to Manchester United for £27.5m meant that the total topped £600m.
United boss David Moyes also hopes to capture Real's Fabio Coentrao on loan.
Everton boss Roberto Martinez signed Gareth Barry, Romelu Lukaku and James McCarthy as the deadline concluded.
Wigan midfielder McCarthy, 22, moved to Goodison for £13m, with Chelsea forward Lukaku and Manchester City midfielder Barry joining on season-long loans.
The five completed deals were all concluded in a dramatic final half-hour of the transfer window before it closed at 23:00 BST, with the gross spending easily succeeding the previous high of £500m.
Manchester United failed to land a last-day deal for Athletic Bilbao midfielder Ander Herrera and it looked like it might be an unsuccessful final day for Moyes, with Uruguayan right-back Guillermo Varela the United boss's solitary signing since he replaced Sir Alex Ferguson in the summer.
And adding to the plot twists, it was not until after the deadline had passed that news emerged of midfielder Fellaini joining his former Everton manager at Old Trafford.
It is understood that Manchester United were also working on a deal to bring Everton left-back Leighton Baines to the Premier League champions but it fell through, leaving the Old Trafford club to work on a season-long loan for Portuguese left-sided defender Coentrao, 25.
Liverpool avoided the last-minute rush by earlier recruiting defenders Mamadou Sakho and Tiago Ilori for £25m while Nigerian forward Victor Moses has joined the Reds from Chelsea on loan.
Italian striker Fabio Borini left Anfield to join Sunderland on loan with former Liverpool defender Andrea Dossena, 31, also moving to the Stadium of Light from Napoli on a one-year deal.
Black Cats forward Stephane Sessegnon has moved to West Brom to join forwards Victor Anichebe, another late capture from Everton for a fee rising to £6m, and Shane Long, who almost joined Hull.
The recruitment of German international attacker Ozil on a five-year deal will appease Arsenal fans who have been waiting patiently for a big-name signing.
Ozil, who is classed as one of Europe's best players, said: "I am thrilled to be joining a club of the stature of Arsenal and am looking forward to playing in the Premier League.
"It will be great for my own personal development as a player and I am particularly looking forward to working with Arsene Wenger."
Elsewhere, Aston Villa have agreed a deal for Czech Republic striker Libor Kozak from Lazio for about £7m. Newly promoted Crystal Palace signed Barry Bannan from Aston Villa and defender Adrian Mariappa from Reading for an undisclosed fee.
Fellow Premier League newcomers Cardiff City signed striker Peter Odemwingie from West Brom on a two-year deal for £2.25m.
Queens Park Rangers boss Harry Redknapp managed to secure the loan deals of Dynamo Kiev midfielder Niko Kranjcar, Tottenham left-back Benoit Assou-Ekotto and midfielder Tom Carroll.
Gareth Bale's world-record move from Tottenham to Real for £85.3m was more than double Ozil's fee but Spurs are the biggest spenders this window having taken on seven players for just under £105m.
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