Miss Grand International founder Nawat Itsaragrisil (left) and Miss Universe co-owner Anne Jakrajutatip. Miss Universe Thailand/Instagram

Miss Grand International (MGI) founder Nawat Itsaragrisil is marking the start of a "new era" in pageantry as he acquires the Miss Universe Thailand (MUT) franchise.

An event was held Tuesday to commemorate the partnership between Itsaragrisil's company, MGI PCL, and the Miss Universe Organization (MUO), which is partly owned by his former competitor, Anne Jakrajutatip.

In an event that pageant fans never thought would be possible, the two Thai entrepreneurs shared a moment on stage, holding hands and even hugging each other.

"New era, new Miss Universe Thailand," Itsaragrisil said in an Instagram post.

MUT has released a video of Jakrajutatip formally welcoming Itsaragrisil to the Miss Universe family, describing him as an "esteemed leader" who has "demonstrated outstanding success at the level of a publicly listed company."

She also revealed MUO's collaboration with MGI, and thanked fans of both pageants for their continued support. 

"I firmly believe that MUO and MGI will work hand in hand with strong commitment to create and empower women, as well as inspire people around the world," she said in Thai, as translated by MUT. "Through this collaboration, we will launch new partnerships and projects that will soon be introduced to audiences both in Thailand and worldwide."

"This partnership is founded on trust, confidence, and a long-term vision. We are certain that together, we can strengthen and advance female empowerment," she added. 

"Hello Universe, hello MGI!" 

Thailand will serve as the host of the 74th Miss Universe pageant in November. 

In last year's edition, which was held in Mexico, the Philippines' Chelsea Manalo was proclaimed the first-ever Miss Universe Asia.

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