Racing Santander have signed Senegalese forward Khouma Babacar on loan from Fiorentina and let Greek midfielder Alexandros Tziolis move to Monaco.
The Spanish club, just one place outside the Primera Division relegation zone, have also handed an 18-month first-team contract to Villarreal B player Marcos Gullon.
Babacar, 18, featured frequently in the Fiorentina squad but will hope to start more matches at Racing.
His loan deal lasts until the end of June, Racing said in a statement on their official website.
Racing also announced the exit of Tziolis, saying they and Monaco "have reached an agreement for the incorporation" of the player into the French club.
Monaco were relegated to the French second division last summer and then slipped to the foot of the table before Russian businessman Dmitry Rybolovlev bought the club in December and committed funds to strengthen the team.
Tziolis spent 18 months at Racing, the first 12 months on loan from Siena before the clubs struck a permanent deal.
His replacement in the Racing midfield ranks will be Gullon, 22, and the club have inserted an option to keep him for a further season beyond the end of his deal which runs to the end of the 2012/13 campaign.
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