updated 05/28/2010 AT 10:10 AM ET
•originally published 05/27/2010 AT 9:00 PM ET
Talk about music to your ears! Not only are private power couple Alicia Keys and Swizz Beatz engaged to be married, they are having a baby.
The announcement comes after the two, together since fall 2008, attended Thursday night’s Black Ball in London, which benefits Keys’s Keep a Child Alive charity.
“They’re very happy,” says a friend of the couple, while reps confirm to PEOPLE the nuptials will take place “in a private ceremony later this year.”
It will be the first marriage for Grammy-winner Keys – and their first child together. Swizz Beatz is father to Kasseem Jr., 3, and son Prince Nasir, 9, both from previous relationships.