WALL STREET PAYDAY: Banks could reap up to $350 million on Pfizer-Allergan deal

Pfizer is combining with Allergan in a deal worth $160 billion, in what will be the biggest M&A transaction of 2015.

And it's great news for Wall Street.

There could be more than $350 million in fees to be split up between the firms advising on the deal, according to Jeffrey Nassof of M&A consulting firm Freeman & Co.

On the sell-side, two big banks - JPMorgan and Morgan Stanley - will get the lion's share of the advisory checks.

Nassof suggested the payouts for the sell-side advisers could be between $160 million and $200 million.

Guggenheim Securities, Goldman Sachs, Centerview Partners and Moelis & Company are advising Pfizer, and will divvy up between $120 million and $150 million in payouts, according to Nassof.

It has been a huge year for mergers and acquisitions activity. US-targeted M&A activity is at a record high and passed the $2 trillion milestone in mid-November.