Iglesias converted eight of his 10 save opportunities last season for Cincinnati.
The Reds have traded closer Raisel Iglesias to the Angels in exchange for reliever Noé Ramirez and a player to be named later.
Cincinnati will also send cash to Los Angeles in the deal.
The trade comes at a much-needed time for the Angels, who led MLB with 14 blown saves in 2020. The club non-tendered five relievers last week, including Keynan Middleton and former closer Hansel Robles.
Iglesias, who will earn $9.125 million next season, can serve as the Angels' closer following his career 3.15 ERA and 106 saves in six seasons with the Reds. He became Cincinnati's closer in 2017 and sits sixth on the club's all-time saves list.
Iglesias, who turns 31 in January, will become a free agent after 2021. The right-handed pitcher converted eight of his 10 save opportunities last season and finished 2020 with a 2.74 ERA and 31 strikeouts in 23 innings.
Ramirez, 30, spent four seasons with the Angels as a reliever. The righty posted a 3.00 ERA with 14 strikeouts and nine walks in 21 innings in 2020. He's eligible for arbitration for the first time this winter and could make around $1 million.
The Reds have cut costs this offseason after releasing Archie Bradley, Brian Goodwin and Curt Casali last week, which decreased their payroll by about $17 million-$20 million. With Iglesias and Bradley gone, the team no longer has a proven closer in its bullpen.