AT&T has agreed to buy Time Warner for a whopping $107.50 a share, or $85.4 billion.

If completed, the deal would be the largest of the year, and it could make for a huge payday for the Wall Street banks advising the two companies.

JPMorgan, Bank of America Merrill Lynch, and Perella Weinberg are advising AT&T on the buy side, according to Thomson Reuters, with JPMorgan and Bank of America Merrill Lynch providing a $40 billion bridge loan.

Allen & Co., Citigroup, and Morgan Stanley are advising Time Warner on the sell side.

Here's what those firms could earn in fees, according to the consultant Freeman & Co.:

AT&T buy-side advisory: $90 million to $120 million to the advisory group (Perella Weinberg, JPMorgan, Bank of America)

AT&T $40 billion bridge loan: $110 million to $130 million to arrangers (led by JPMorgan and Bank of America)

Time Warner sell-side advisory: $110 million to $140 million to advisory group (Allen & Co., Citigroup, Morgan Stanley)

On Monday, four more acquisitions were announced, which together could provide an additional $200 million in advisory fees to Wall Street banks.