Other major transfers secured on Monday involved forward Robbie Keane's move from Tottenham to Celtic, Benni McCarthy from Blackburn Rovers to West Ham and Wigan's signing of Bolivian striker Marcelo Moreno.
Despite Stoke wrapping up a deal for Pompey goalkeeper Begovic for £3.25m on deadline day, their manager was far from happy with the one-month window for transfers in January and how it affected preparations for the league clash with Sunderland on Monday night.
"We're playing on a day when it's all going off, so you're trying to get things done and you've still got to concentrate on a game," the 52-year-old said.
"If we can change it, brilliant, I think most of the managers would change it. I think people are definitely tightening their belts, even if you have a look at the top clubs and what they've spent and what they haven't spent.
JANUARY TRANSFER WINDOW SPENDING
2009 - £170m
2008 - £150m
2007 - £60m
2006 - £70m
2005 - £50m
2004 - £50m
2003 - £35m
"But we joined the European Market, didn't we, to have free trade?"
Figures released by business advisory group Deloitte revealed that money spent by teams in the top-flight this winter were the lowest for seven years.
Although spending by the Premier League still exceeded those levels in France, Germany and Spain, the Italian clubs in Serie A have reportedly spent about £30m on transfers this year.
Sports business analysts believe managers have been less willing to offload large sums of money on players who may only have a limited impact during the last three months of the season.
Deloitte spokesman Dan Jones said: "Managers, club owners and directors have become increasingly sceptical of the near-term impact a January acquisition can have.
Report - loans replace January sales
"Therefore, it is unsurprising to see a lack of high value activity, with those clubs that are active preferring loan deals.
"The absence of new club owners and the tightening of club finances and credit availability have helped to accelerate that trend and dampen down the market."
Financial companies can only estimate figures as many clubs choose not to disclose financial details. Another report by KPMG consulting firm shows that Premier League clubs spent £41.5m last month.
Nearly one third of this amount is attributed to the fee that Manchester United agreed for Fulham defender Chris Smalling, who will move to Old Trafford for the start of next season.
Deloitte added that loan deals accounted for 70% of transactions in the Premier League.
Manchester City forward Robinho started his six-month loan spell at his former club Santos, while West Ham signed Egypt striker Mido and Brazil striker Ilan on short-term contracts.
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