Meaning of the word "strike a deal" in English

What does "strike a deal" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

strike a deal

US /straɪk ə diːl/
UK /straɪk ə diːl/

Idiom

to reach an agreement or come to terms with someone

Example:
After hours of negotiation, they finally managed to strike a deal.
The two companies are hoping to strike a deal by the end of the week.