The Perspective-Three-Point (P3P) problem aims at determining the position and orientation of the camera in the world reference frame from three 2D-3D point correspondences. This problem is known to provide up to four solutions that can then be disambiguated using a fourth point. All existing solutions attempt to first solve for the position of the points in the camera reference frame, and then compute the position and orientation of the camera in the world frame, which alignes the two point sets. In contrast, in this paper we propose a novel closed-form solution to the P3P problem, which computes the aligning transformation directly in a single stage, without the intermediate derivation of the points in the camera frame. This is made possible by introducing intermediate camera and world reference frames, and expressing their relative position and orientation using only two parameters. The projection of a world point into the parametrized camera pose then leads to two conditions and ...