AS Monaco confirmed the signing of Atletico Madrid forward Radamel Falcao on Friday.
The Colombian passed a medical with the newly-promoted Ligue 1 club on Thursday after the French club met his release clause of €60m.
The move is a huge coup for Monaco, which has vast financial backing despite its lowly status, having only just been promoted to Ligue 1 this season. The move comes after the club also completed the signings of Falcao's international teammate James Rodriguez and Joao Moutinho, both from Porto.
Spending is expected to continue for the club, which is also rumored to be close to completing a move for Barcelona goalkeeper Victor Valdes as it attempts to put together a squad capable of qualifying for the Champions League and challenging the likes of Paris Saint-Germain in France.
Atletico will now face the daunting prospect of replacing the Colombian, who was key to an excellent La Liga campaign for the club this season, as he scored 28 goals in just 34 games.