The fee, the highest ever for a League One player, is set include add-ons and a number of future clauses after a reported £7.5 million initial payment.
Lookman signs a four-and-a-half year deal at Goodison Park to tie him to the club until June 2021, and will wear the number 31 shirt.
Ronald Koeman’s side are thought to have been targeting the youngster for a number of months, ever since the appointment of Everton’s Director of Football, Steve Walsh.
The forward already has seven goals in 25 appearances this season in League One and has represented England at U19 and U20 levels.
Walsh is taking a policy of recruiting emerging young talent as well as established players and Lookman fits right in.
The move signals Everton’s first foray into the January transfer window with plenty more moves expected.
Lookman speaks on the move
Speaking of his excitement to make the move, Lookman said: “It feels great to be an Everton player.”
The teenager quickly progressed through the ranks with the Addicks and will be looking to do the same during his time on Merseyside.
The draw of the Premier League is enough to convince many players but the addition of Koeman helped sway Lookman forward. He said that as soon as he heard of Everton’s interest he “knew this would be the right place” for him.
The England youth international also said that Koeman’s ability to develop young players was a big draw. He said what Koeman did while at Southampton, giving younger players a chance, was a “big attraction.”
Koeman’s thoughts on the signing
The signing ties in with the Blues’ philosophy of signing younger players who have they see as having huge potential.
Speaking of his delight to sign Lookman, Everton boss Ronald Koeman said the forward is “a big talent” who has a “big future in the game.”
Koeman has already given chances to youngsters Tom Davies, Mason Holgate and Dominic Calvert-Lewin, with Lookman potentially being the next to join them.
The Dutchman said it is “important” to give those younger players a chance to play and develop so that the team can “evolve and improve.”
Lookman will have to wait to make his mark on Koeman’s squad as he is cup-tied for this Saturday’s FA Cup third-round tie with Leicester City but should be in Koeman’s plans for the visit of Manchester City on January 15th.