WALL STREET PAY DAY: Banks could reap up to $700 million from the Dell-EMC deal

Dell just struck a deal to buy IT giant EMC for about $67 billion, making it one of the biggest tech mergers in history.

That means one thing for Wall Street: Pay day!

Morgan Stanley was the lead financial advisor to EMC, while JPMorgan was the lead financial advisor to Dell.

Together, they could rake in up to $210 million in advisory fees, according to estimates from consulting firm Freeman & Co.

Morgan Stanley could make between $90 million and $125 million in fees, Freeman & Co. estimates, while JPMorgan could have made between $75 million and $95 million in buy-side advisory fees.

Evercore was also brought in to provide what is called a 'fairness opinion' to EMC's board of directors.

Credit Suisse and JPMorgan are acting as global financing coordinators.

Barclays, Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan and RBC Capital Markets are acting as financial advisors and are providing debt financing to Dell.

Fees for the financing package could be huge.

Freeman estimates that a borrower like Dell would pay around 1-1.5% of the money it borrows in loan arrangement fees. If they take $40 billion in leveraged loans, arrangement fees could be in the $500 million range.

That means total fees, including the advisory fees and the financing fees, could add up to $710 million.

Dell will pay about $33.15 per EMC share, which is 28% higher than EMC's closing level on October 7 before reports of the deal surfaced.

The deal is twice as big as the 2013 Compaq-HP deal, which was the previous largest tech-only deal.