Mar 11, 2012, 2:50 PM EDT
Jorge Ebro of El Nuevo Herald reported in early February that the deal was done, but it apparently took a little while to make everything final.
Concepcion, 20, was named Rookie of the Year in Cuba’s Serie Nacional last season after posting a 3.36 ERA in 101 2/3 innings. He defected from Cuba to Mexico in June and became a major league free agent in mid-January. The Cubs will probably get him started this year at a lower rung of Single-A.
UPDATE, 3:18 PM: According to beat writer Carrie Muskat of MLB.com, the deal comes with a $3 million signing bonus and the other $3 million is spread across the five-year deal.