The track, released on Thursday, features the pop duo singing about their respective loves help them get through rough nights and lame parties.
"I don't care when I'm with my baby, yeah/ All the bad things disappear/ And you're making me feel like maybe I am somebody/ I can deal with the bad nights/ When I'm with my baby," Sheeran sings.
Sheeran also uploaded to this YouTube channel a lyric video for the song.
Sheeran's last album Divide was released in 2017 while Bieber's last album Purpose was released in 2015. Bieber said onstage at Coachella that a new album would be coming soon.