Glen Johnson has agreed a four-year contract with Liverpool after completing his transfer from Portsmouth.

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• All Friday's transfer activity

The 24-year-old right-back completed his move for a fee believed to be £17million, although much of that will be offset by money still owed from Peter Crouch's transfer to Fratton Park last summer.

Benitez has already accepted he paid over the odds for the England international but stressed there were many factors which made the deal the right one for the club.

"We knew the market was going to be difficult this summer and some of it has been crazy," said Benitez.

"Manchester City and Chelsea were there - they were making offers. We had to be quick and the club acted quickly.

"It was down to the player whether he chose us or City or Chelsea and he chose us."