(Reuters) - Wolverhampton Wanderers have signed Spanish defender Jonny Otto from Atletico Madrid for a club record fee, the Premier League club said on Thursday.
Wolves did not disclosed the fee but Sky Sports reported the club paid 18 million pounds ($24 million) for the 24-year-old, equalling the fee they paid Middlesbrough for winger Adama Traore last year.
Otto has agreed a permanent deal at Molineux until 2023, having spent the first half of the season on loan from the Spanish La Liga club.
"We've had conversations for a while, but everything has been very fast," Otto told the club website
"The clubs reached an agreement and asked me what I thought and really from the first moment I said yes to Wolves because the truth is that I am very happy to be here.
Otto, who has made 20 Premier League appearances this season, can play as full back or wing back on either side of the pitch, allowing manager Nuno Espirito Santo to use him in a variety of formations.
He earned a first Spain cap against Wales in October.
(Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond)