Colin Calderwood admitted the deal to sell Sol Bamba to Leicester was too good to refuse with the defender's spell at the club nearing an end.
The 25-year-old completed a reported Â£250,000 switch to Leicester on Sunday to be reunited with his former Ivory Coast manager Sven-Goran Eriksson.
Calderwood told www.hibernianfc.co.uk: "Sol's transfer happened very quickly. We had an offer and we came to an agreement with the club."
He added: "It was an opportunity with the situation - Sol's contract was running down - for a good deal for the club.
"We wish Sol all the very best and we hope he continues to be successful.
"A terrific move for him, but also a good move for ourselves because it was a good bit of business."