This report is based on a systematic literature review. It examines the impact of Generative Artificial Intelligence (GenAI) and Large Language Models (LLMs) on higher education. The rapid advancement of GenAI tools, such as ChatGPT, has transformed educational practices, bringing both significant opportunities and critical challenges. This report synthesizes findings from a structured rapid literature review encompassing 112 sources, including peer-reviewed articles and grey literature, and addresses three core research questions regarding the implications of LLMs in higher education. It refers to articles published between January 2022 and October 2024, that focus on the opportunities, challenges, and implications for teaching, learning, and diversity, inclusion, and institutional policies. It summarises the latest research in the field and provides insights into how these technologies are reshaping educational practices, while addressing ethical concerns and practical challenges.