updated 02/16/2010 AT 10:00 AM ET
•originally published 02/16/2010 AT 11:30 AM ET
They’ll party all night long.
People will be dancing on the ceiling.
As it is, the legendary singer is overjoyed by the couple’s newly-announced engagement.
“My happiness for Nicole and Joel knows no boundaries,” Richie, 60, tells PEOPLE exclusively. “They have given me two beautiful grandchildren, Harlow and Sparrow, and have proven to be great parents.”
Richie recently worked with the couple on the star-studded We Are The World 25 For Haiti, which he executive produced along with Quincy Jones and Wyclef Jean.
“I am not sure who is luckier, Nicole and Joel to have each other, or me, to have both of them in my life,” he says. “I cannot wait to give away the bride!”