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<?php $string = '{Company X Inc.|CVR-1-81287283} was recently acquired by {Company Z Inc.|CVR-1-34251568}'; var_export( preg_replace('~\{([^|]+)\|([^}]+)}~', '<a href="companies/$2">$1</a>', $string) );
Output for git.master, git.master_jit, rfc.property-hooks
'<a href="companies/CVR-1-81287283">Company X Inc.</a> was recently acquired by <a href="companies/CVR-1-34251568">Company Z Inc.</a>'

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