The merger of the London Stock Exchange Group Plc with Deutsche Boerse AG may yield up to $85 million in fees for the banks that put the deal together, according to M&A consultants. Too bad they’ll have to split it 11 ways.

Deutsche Boerse’s advisers are likely to get $30 million to $40 million, according to analysis from Freeman Consulting Services. The banks working with LSE may be paid $35 million to $45 million, based on an estimated transaction value of about $14 billion, Freeman said.

Deutsche Boerse and LSE agreed to merge Wednesday in a deal that will create the largest exchange operator by revenue. In the lead up, the companies used a so-called street sweep, hiring a slew of banks to make it harder for competing bidders to challenge the accord.

Financial advisers to LSE included Robey Warshaw, Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co., RBC Capital Markets LLC, Societe Generale SA and UBS Group AG, the companies said in a statement. Deutsche Boerse received financial advice from Perella Weinberg Partners, Bank of America Corp., Deutsche Bank AG and HSBC Holdings Plc.

Still, those fee figures assume that the agreement with Deutsche Boerse goes through. Intercontinental Exchange Inc., which owns the New York Stock Exchange, has said it’s exploring a rival bid for LSE. ICE is working with Moelis & Co. and Morgan Stanley.

Chicago-based CME Group Inc. is also working with advisers to decide whether it could challenge the deal, people familiar with the matter said previously.

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