Crystal Palace have signed Andros Townsend from Newcastle United for £13 million on a five-year contract.
England international Townsend, 24, had only moved to St James' Park from Tottenham Hotspur in January in a deal reported to be worth £12m but Palace exercised a clause in his contract following the Newcastle's relegation to the Championship.
The deal follows striker Dwight Gayle's £10m move in the opposite direction earlier on Friday, while Palace also confirmed the signing of goalkeeper Steve Mandanda from Marseille.
Townsend told Palace's official website: "I'm extremely delighted. I had chats with the manager and chairman before I signed and I'm pleased to a part of Crystal Palace's future. By the sounds of things it's going to be a bright one and I can't wait to get started."
- Crystal Palace F.C. (@CPFC) July 1, 2016
Chairman Steve Parish added: "It's fantastic that we've managed to get a player of Andros' quality into the Club. He has played in the Premier League for a number of years and represented England on many occasions and yet he's still only 24-years-old.
"Andros is another exciting attacking talent that we have added to our ranks and I can't wait to see him in a red and blue shirt in the very near future."
Newcastle managing director Lee Charnley said he was disappointed to see Townsend move on but was optimistic for the club's future under manager Rafa Benitez.
"Naturally we are very disappointed to lose Andros but we are bound by the terms of his contract," Charnley said on Newcastle's official website.
"Given our situation in January it was a condition of him joining that we included a buy-out clause. However, I am sure now with Rafa as our manager we will not be in a position whereby we will need to agree to clauses of this nature in the future.
"Despite Andros' departure today, we believe with the signings we have made this week we have strengthened the squad.
"Rafa and I are working very well together and we are confident we are building a squad that will meet our objectives for the season ahead of us.
"Finally, I would like to say Andros was a great professional during his time with us, who gave his all for the Club, and I wish him all the very best."