PSV Eindhoven have signed Jan Kromkamp from Liverpool and Patrick Kluivert from Valencia.
Kromkamp failed to settle at Anfield following his move from Villarreal in January, a transfer which saw Josemi move in the opposite direction.
He made only 18 appearances and Reds boss Rafa Benitez has now decided he no longer needs the defender.
Kluivert has been given a season-long contract and will be hoping to get his career back on track after an injury-ravaged year at Valencia.
The striker scored just one goal in 10 appearances at Valencia as a persistent knee problem restricted him to a minor role.
Kluivert was then told to look for another club after being left out of the squad for Valencia's pre-season training camp.
With Fernando Morientes and Francesco Tavano arriving at the Estadio Mestalla the 29-year-old was left surplus to requirements, and PSV have leapt in to sign him before the close of the transfer window.