UBS Investment Bank and Lazard are each likely to collect a minimum of £14m (€19.87m) in advisory fees for the merger of UK television broadcasters Carlton Communications and Granada, which was approved on Tuesday, a year after the deal was announced.

When Carlton, which is being advised by UBS, and Granada, by Lazard, first announced merger plans on October 16 last year, the combined entity was valued at around £2.8bn. On the standard industry expectation of 0.5% of transaction value, each bank could be expected to earn £14m from the deal.