The two organisations have announced the inaugural Scandinavian Mixed in Sweden next June with players from both tours participating.
The field will consist of 78 men and 78 women and they will compete for one trophy at Bro Hof Slott Golf Club in Stockholm.
World ranking, Race to Dubai, Ryder Cup and women’s Order of Merit points will be available and there will be one prize fund of £1.3million for the entire field.
The event has been confirmed for the next three years, but there will be different venues in 2021 and 2022.
Sweden’s most successful male and female golfers, Henrik Stenson and Annika Sorenstam, will be the tournament hosts. Stenson will play in the event while Sorenstam, who retired from competitive golf in 2008, will take part in the pro-ams.
Stenson, the 2016 Open champion, said: “To have men and women competing alongside one another showcases what is great about our game.
“The European Tour has been leading the way in terms of innovative formats and I believe this is certainly one that can be part of the way golf is played in the future.”
Alexandra Armas, acting chief executive officer of the LET, said: “This is a pivotal moment for European golf.
“This new tournament in Sweden will be an innovative and inclusive new offering which will elevate our sport to the next level and advance gender balance, ultimately showing that golf is a game for all.”