In general, the same team that runs a merger, acquisition, divestiture, or strategic investment, should also be the point person for the communications plan. Marketing or corporate communications often wants to take this part and run with it, but it is critical that a person that is familiar with nuances of the “deal” take the lead, with Marketing and Communications (MarCom) heavily involved.
For example, any press releases, customer communications, employee communications, etc., need to reflect not only the confidentiality requirements of the deal (or the mandatory disclosures), but also the “spirit of the deal”. MarCom will provide the majority of the content of the communications but must be reviewed by the deal lead for consistency with deal terms and the TIMING. The importance of timing can not be overstated, since if handle poorly it can put the companies at legal risk, not to mention, a bad position for rumors, morale, customer satisfaction, etc.