Three years after leaving Arsenal to return to his boyhood club, the Spain international secured a transfer to Jose Mourinho's side.
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However, Xavi claimed that his transfer to Stanford Bridge was "a very big loss" for the Blaugrana despite being a welcome opportunity for his friend.
"It's great news for Cesc," the 31-year-old told reporters.
"I think he's very happy. I see him looking happy.
"It's a great opportunity for him to be signed by a good team. I think he was hoping that would happen. He's happy as he knows his future now for the next few years.
"It's a very big loss for Barcelona, that's clear, but he looks happy. I'm a very good friend of his so I would like to wish him all the very best."
Fabregas secured a La Liga title and Copa Del Rey whilst at Camp Nou but Xavi added that his sale will not be damaging to Barca's long-term aspirations.
"There's no interference," he added.
"These are decisions that are always taken over the summer. It will not affect us at all. Either our football or our squad."