MACAU - OCTOBER 27: (EUROPE AND AUSTRALASIA OUT) (L-R) American singer Mariah Carey and Australian businessman James Packer a
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Mariah Carey has found true love with Australian billionaire James Packer. The two have been acquainted since 2014 and dating for nearly a year—and they got engaged on Thursday. A source tells E! that the two have "a connection that is unparalleled; it's been a very beautiful experience for them both."

Packer, 48, has three children, ages 3, 5 and 7; Carey, 45, has her 4-year-old twins with Nick Cannon, whom she was married to for six years, divorcing in 2014. Mariah was first married from 1993-'97 to Sony Music CEO Tommy Mottola.

James Packer is the CEO of casino company Crowd Ltd. Forbes says he's worth $3.5 million. With producer/director Brett Ratner (Rush Hour, Tower Heist), he co-owns the production company RatPac Entertainment, which was involved in current Oscar Best Picture nominees The Revenant and Mad Max: Fury Road. Packer and Ratner's company also produced Nick Cannon's first stand-up comedy special, Mr. Show Biz, in 2011.