Alicia Keys and Swizz Beatz Are Expecting!

A wedding and a baby are on the way for Alicia Keys and Swizz Beatz.

The musicians "are expecting a baby and are engaged to be married in a private ceremony later this year," reps for the couple confirm to PEOPLE.

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.

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