Ibanez, 41, hit .242/.306/.487 (123 OPS+) with 29 home runs for the Mariners this past season. He was outstanding in the first half (24 HR and 143 OPS+) but awful in the second half (5 HR and 81 OPS+).
The move replaces some of the power the Angels lost by trading Mark Trumbo. Ibanez is best used as a DH but he can play left field and even a little first base if necessary.
According to Jeff Fletcher of the Orange County Register, the signing leaves the Angels with roughly $15 million to spend before hitting the $189 million luxury tax threshold, so they could still make a run at Matt Garza or Masahiro Tanaka. Fletcher says the team is willing to exceed the threshold by a little bit if necessary.