Moët Hennessy, the wine and spirits division of luxury conglomerate LVMH, the largest producer of champagne in the world, announced the purchase of a 50% stake in Jay-Z’s champagne brand, Armand de Brignac.

The brand is also known by the nickname “Ace of Spades.” Jay-Z appeared on CNBC’s “Squawk Box” to speak about the deal on Monday, revealing that he started having conversations about a deal with LVMH in 2019. He explained, “It just started out in a place of respect and built from there pretty quickly.”

Moet Hennessy CEO Philippe Schaus also commented on the deal, stating, “What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network.”