Investment bank Gleacher & Co. could pocket as much as $5.9 million for serving as financial advisor to Indigo (Nasdaq:INDG, INDGW) in its merger with Hewlett Packard (NYSE:HWP).

Gleacher will be paid $5.5 million for services, in addition to a monthly retainer of $100,000 over each of the four months Gleacher acted as advisor. Gleacher is also entitled to recoup reasonable cahs outlays and expenses on the work.

The deal is expected to close on March 21 . Should the deal be canceled for reasons for which Indigo is responsible, Indigo will pay HP $27 million as compensation and another $2 million for expenses.

Prior to the takeover, HP owned 14.8 million Indigo shares, or 13.4% of tradable shares. HP is now to acquire the remaining 86.6% shares for some $629 million in a stock swap. In addition, HP is to pay Indigo up to $253 million cash, subject to Indigo meeting long-term revenue targets. The aggregate value of the deal comes to up to $882 million.

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