Nigeria worldwide Iwobi penned a five-year deal which was solely introduced greater than 4 hours after the switch deadline of 17:00 native time.
The 23-year-old, capped 36 occasions by Nigeria, scored 15 targets in 149 appearances for Arsenal after making his first-team debut in 2015.
“He is still young but already with a lot of top-level experience – 100 Premier League matches, more in Europe and many international games,” mentioned Everton supervisor Marco Silva.
Iwobi is the seventh new arrival at Goodison Park within the shut season, following Italy striker Moise Kean – who joined from Serie A champions Juventus for €27.5 million – right-back Djibril Sidibe, midfielders Andre Gomes, Fabian Delph and Jean-Philippe Gbamin, in addition to goalkeeper Jonas Lossl.
“Alex fits exactly the profile of player I want in my model,” added Silva.
“He is hungry to join Everton and take the next step in his career, to help us compete with the strongest teams in the league and reach his potential at our club.”
Everton completed eighth within the Premier League final time period to overlook out on European qualification in Silva’s first season as boss.