Japan's major financial institutions are preparing for what could potentially be the largest buyout deal ever.

Itochu Corp. has enlisted Daiwa Securities Group Inc. as a financial adviser for its ambitious ¥9 trillion ($58.4 billion) proposal to privatize Seven & i Holdings Co.

In a similar move, the Ito family, who founded Itochu Corp., has chosen SMBC Nikko Securities Inc. to provide advisory services for the same transaction.

This collaboration between top firms highlights the competitive landscape as they compete for lucrative advisory fees in this significant deal.