Manchester City completed the signing of center-back Ruben Dias from Benfica for €68 million, the Portuguese side announced on Sunday.

In a separate deal, the Premier League giants sold center-back Nicolas Otamendi to Benfica for €15 million.

Dias is City's third major signing of the summer window after Dutch defender Nathan Ake and Spanish winger Ferran Torres.

City were reportedly interested in signing Napoli's Kalidou Koulibaly - one of Pep Guardiola's preferred targets - but the asking price was too steep.

The fee for Dias falls just short of a club record. City set the mark with their €70-million signing of midfielder Rodrigo last summer.

Dias, 23, arrives at the Etihad with a wealth of experience despite his relatively young age. He's made 91 top-flight appearances - all in the Portuguese Primeira Liga - and an additional 24 in European competition. Dias has also represented Portugal on 19 occasions.

City are now much deeper at the center-back position after laboring through the 2019-20 campaign with limited options. Dias could start alongside Ake or Aymeric Laporte in Guardiola's back four, or even in a back three.

Otamendi, meanwhile, is heading back to Portugal, where he played for Benfica's rivals, Porto, from 2010-2014. He spent five seasons with City and won the Premier League twice, the League Cup four times, and the FA Cup.