Kate Mosse, chair of the prize's board, felt that Baileys was the perfect choice.
We were impressed not only by the scale of their ambition, but also their passion for celebrating outstanding fiction by women and willingness to help in bringing the prize to ever wider audiences.
Mosse also cited Baileys wanting to have a partnership as opposed to "one side providing cash and one side providing content." They will have a presence at this year's awards which will be held tomorrow.
The Women's Prize for Fiction is given annually to the best novel of the year written by a woman of any nationality and in the English language. This year's authors up for the prize are Hilary Mantel, Zadie Smith, Barbara Kingsolver, Kate Atkinson, A M Homes and Maria Semple. If Mantel receives the prize, she will be the first person to ever win all three of the major UK book prizes for her novel Bring Up the Bodies.
This year's prize will be announced tomorrow, June 6.