David Beckham's move to French Ligue 1 side Paris St-Germain was the biggest coup on January transfer deadline day.
The 37-year-old former England captain signed a five-month contract and is donating his salary to charity.
AC Milan sealed the signing of Mario Balotelli from Manchester City for £19m while QPR broke the club record to sign centre-back Chris Samba for £12.5m.
Premier League clubs spent about £120m in January, said accountants Deloitte, double the total of January 2012.
But the figure was far short of the record level of £225m in January 2011, with three clubs - Queens Park Rangers, Liverpool and Newcastle - contributing more than 50% of the total outlay this year.
On a deadline day that saw £35m spent on transfer fees, former Anzhi Makhachkala and Blackburn defender Samba, 28, signed a four-and-a-half-year deal subject to international clearance.
He will join Harry Redknapp's side, with England international Jermaine Jenas also moving to QPR from Tottenham to team up with his former manager.
However, West Brom striker Peter Odemwingie was left embarrassed by what Redknapp called "crossed wires" as he travelled to west London in the belief he would join the Premier League's bottom team.
Despite Odemwingie's journey south, West Brom said he had "not been given permission to speak to QPR" and that the forward acted "wholly unprofessionally".
Redknapp said: "I think he felt like we were trying to sign him and the deal had been done but it hadn't. It was just unfortunate and I think the wires got crossed somewhere. It was a bit of a mistake."
Meanwhile, Arsenal signed Malaga left-back Nacho Monreal for about £10m as back-up for the injured Kieran Gibbs.
Sunderland completed the £5m signing of striker Danny Graham from Swansea City, while Everton paid £3m for Barnsley's 18-year-old defender John Stones, who has signed a five-and-a-half-year deal.
Elsewhere, Stoke City recruited England goalkeeper Jack Butland from Birmingham City for a fee rising to £3.5m, but the 19-year-old will go back to the financially hamstrung Championship club on loan for the rest of the season.
Norwich have signed striker Luciano Becchio from Leeds on a three-and-a-half-year contract, with forward Steve Morison heading to the Championship side in a swap deal.
And Fulham completed the loan signing of AC Milan midfielder Urby Emanuelson, 26, for the rest of the season.
In one of the more bizarre stories of the day, George Boyd's move from Peterborough to Nottingham Forest fell through because of a failed eye test.
Peterborough owner Darragh MacAnthony said on Twitter: "Apparently after playing 300 games in six and a half years, his vision isn't 20/20 so no deal. Total disgrace the whole thing."
Deloitte's Dan Jones said: "Premier League clubs have been relatively restrained in their player transfer fee spending, in spite of the upcoming uplift in their broadcasting revenues of between £20m and £30m each from next season.
"While the clubs' total spending was £120m, after taking into account transfer income, the Premier League clubs' net transfer spend was £70m."