Cellist Yo-Yo Ma and singer/songwriter Paul Simon are the joint recipients of the 2012 Polar Music Prize, according to the Associated Press.

The honor, which is Sweden's most prestigious award for musicians, was founded by the late Stig Anderson, the manager of Swedish pop group ABBA. The prize ceremony will be held in Stockholm on August 28.

Simon received a Tony nomination for his score to the Broadway musical, The Capeman. He is best known as a recording artist, both with former singing partner Art Garfunkel and also as a solo artist.