The four advisers, Goldman Sachs , Lehman Bros., Morgan Stanley and Blackstone stand to make as much as $1.3 billion between them, analysts and experts said.

They said advisory fees range anywhere from the customary 2% of the eventual buyout price to custom-made payouts that rarely top more than 3%.

Under traditional terms, Yahoo’s bankers could split around $446 million, while Microsoft’s team might divvy up more than $890 million or 0.5% of the finished deal’s value. A review of publicly disclosed fees from 600 similar deals tracked by research firm Dealogic indicates a similar trend in comparable acquisitions.

Read more.  See the biggest M&A deals of all time here.