{"id":3883,"date":"2022-01-16T14:05:15","date_gmt":"2022-01-16T08:35:15","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=3883"},"modified":"2022-01-16T14:05:18","modified_gmt":"2022-01-16T08:35:18","slug":"ald-proposed-acquisition-of-leaseplan-creation-of-a-leading-global-player-in-mobility","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=3883","title":{"rendered":"ALD PROPOSED ACQUISITION OF LEASEPLAN Creation of a leading global player in mobility"},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li>ALD ANNOUNCES THE SIGNING OF A MEMORANDUM&nbsp;&nbsp; OF&nbsp;&nbsp; UNDERSTANDING&nbsp;&nbsp; TO&nbsp;ACQUIRE 100% OF LEASEPLAN FROM A CONSORTIUM LED BY TDR CAPITAL<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>THE&nbsp; PROPOSED&nbsp; ACQUISITION&nbsp; OF&nbsp; LEASEPLAN&nbsp; FOR&nbsp; A&nbsp; TOTAL&nbsp; CONSIDERATION&nbsp; OF&nbsp;EUR 4.9 BILLION1&nbsp;&nbsp;WOULD BE MADE THROUGH A COMBINATION OF CASH AND SHARES<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>AT&nbsp; CLOSING,&nbsp; EXPECTED&nbsp; BY&nbsp; END&nbsp; 2022,&nbsp; SOCIETE GENERALE&nbsp; WOULD&nbsp; OWN&nbsp; C. 53%&nbsp; OF&nbsp;\u201cNewALD\u201d, LEASEPLAN SHAREHOLDERS HOLDING 30.75%2. THE VALUE OF NewALD\u2019S FREE FLOAT WOULD BE SIGNIFICANTLY HIGHER THAN PRE-CLOSING<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>SOCIETE&nbsp;&nbsp; GENERALE&nbsp;&nbsp; WOULD&nbsp;&nbsp; COMMIT&nbsp;&nbsp; TO&nbsp;&nbsp; REMAIN&nbsp;&nbsp; THE&nbsp;&nbsp; LONG-TERM&nbsp;&nbsp; MAJORITY&nbsp;SHAREHOLDER OF NewALD<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>NewALD&nbsp;&nbsp; WOULD&nbsp;&nbsp; CREATE&nbsp;&nbsp; A&nbsp;&nbsp; LEADING&nbsp;&nbsp; GLOBAL&nbsp;&nbsp; MOBILITY&nbsp;&nbsp; PLAYER,&nbsp;&nbsp; STRONGLY POSITIONED&nbsp; TO&nbsp; LEAD&nbsp; THE&nbsp; DIGITAL&nbsp; TRANSFORMATION&nbsp; OF&nbsp; THE&nbsp; INDUSTRY&nbsp; AND CAPTURE MOBILITY SECTOR GROWTH<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>NewALD\u00a0 WOULD\u00a0 GENERATE SIGNIFICANT VALUE\u00a0 FOR\u00a0 SHAREHOLDERS,\u00a0 THANKS\u00a0 TO SCALE EFFECTS AND SYNERGIES<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>LeasePlan is one of the leading fleet management and mobility companies in the world by fleet size (total fleet of 1.8 million3&nbsp;&nbsp;vehicles), with a global and extensive offering making it the perfect fit for ALD to shape the industry\u2019s transformation.<\/p>\n\n\n\n<p>The proposed combination of ALD and LeasePlan into NewALD is expected to be highly synergetic and create an opportunity to cross-leverage the two companies\u2019 complementary capabilities. As a leading global player in mobility worldwide, NewALD would be able to benefit from a fast-growing market driven by strong underlying megatrends, including the:<\/p>\n\n\n\n<p><strong>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/strong>Shift from ownership to usership on all fronts: B2B, B2C and even B2E4<\/p>\n\n\n\n<p><strong>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/strong>Data-driven digital transformation of the mobility industry<\/p>\n\n\n\n<p><strong>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/strong>Transition towards zero-emission and sustainable mobility<\/p>\n\n\n\n<p>This transformative deal would be a step-change that would position NewALD for long term fleet growth of at least 6%&nbsp; p.a. post integration.&nbsp; NewALD&nbsp; would&nbsp; target an improvement in cost to income&nbsp; ratio5&nbsp;&nbsp;&nbsp;to&nbsp; c. 45%&nbsp; by&nbsp; 2025,&nbsp; confirming&nbsp; its&nbsp; position&nbsp; as&nbsp; best-in-class&nbsp; in&nbsp; the&nbsp; industry.&nbsp; The transaction is expected to generate operational and procurement synergies of EUR 380 million p.a. before tax.<\/p>\n\n\n\n<p>It is expected to provide attractive returns and significant value creation for investors. Considering the benefits of fully phased synergies and excluding restructuring costs, the pro-forma accretion of normalized earnings per share6&nbsp;&nbsp;should be c.20% in 2023. Mid-term, NewALD\u2019s dividend pay-out ratio is expected to remain between 50% and 60% until 2025.<\/p>\n\n\n\n<p><strong>Tim Albertsen, Chief Executive Officer of ALD, commented:\u00a0<\/strong><em>\u201cToday marks the beginning of a new chapter in our history as a first step towards creating NewALD. In the context of today\u2019s transformation of the automotive and mobility sectors, which is proceeding at an unprecedented pace, this proposed transaction is instrumental in the creation of a leading global player in mobility. By combining the multiple strengths of ALD and LeasePlan, gaining size, joining forces in digital and creating a leading provider of sustainable mobility solutions, we would transform our industry and be best positioned to deliver even better solutions and value propositions to\u00a0 our\u00a0 enlarged\u00a0 client\u00a0 base.\u00a0 This\u00a0 transaction\u00a0 would\u00a0 create\u00a0 multiple\u00a0 opportunities\u00a0 to\u00a0 the\u00a0 joint management\u00a0 teams and\u00a0 talents of\u00a0 both companies,\u00a0 across geographies,\u00a0 underpin our focus on sustainability with a clear path to zero emissions mobility and not least deliver strong shareholder returns over the cycles. We are all very excited about the prospect of being part of this new venture.\u201d<\/em><\/p>\n\n\n\n<p><strong>Tex Gunning, Chief Executive Office of LeasePlan, commented:&nbsp;<\/strong><em>\u201cThe combined business would be instrumental in moving the automotive industry from ownership to subscription models and zero-emission mobility. By joining forces with ALD, we combine the best talents in the industry with the investment power needed to meet the next generation mobility needs of our customers. From day one, NewALD would be operating one of the largest fleets of electric vehicles and will continue to set the standard for ESG in the mobility industry. I am very proud of all LeasePlanners for bringing our business to where it is today. We are looking forward to working with the excellent team at ALD and taking our combined business into the exciting future of mobility.\u201d<\/em><strong><\/strong><\/p>\n\n\n\n<p><strong>Strategic rationale of the envisaged transaction:<\/strong><\/p>\n\n\n\n<p>This&nbsp; proposed&nbsp; transformative&nbsp; deal&nbsp; would represent a step-change&nbsp; towards creating&nbsp; a leading mobility player worldwide. The increased&nbsp;<strong>size&nbsp;<\/strong>of NewALD would provide it with key advantages: a global offering and coverage of all client categories, increased breadth in terms of products and services, and a balanced geographic coverage. These would enable NewALD to anticipate future market&nbsp; needs&nbsp; and&nbsp; meet&nbsp; client&nbsp; expectations&nbsp; with&nbsp; industry-leading&nbsp; operating&nbsp; efficiency&nbsp; and optimised procurement.<\/p>\n\n\n\n<p>NewALD would be ideally positioned to embrace the mobility sector\u2019s global growth megatrends and lead the&nbsp;<strong>digital&nbsp;<\/strong>transformation of the industry. By creating a fully digital business model it would be able to compete on service and cost with OEM captives and tech players entering the market, to capture the accelerated growth ahead. NewALD\u2019s enhanced firepower to invest and develop new mobility products and ancillary services would allow it to build new digital business models&nbsp; based&nbsp; on&nbsp; core&nbsp; value&nbsp; chain&nbsp; competencies&nbsp; and&nbsp; state-of-the-art&nbsp; digital&nbsp; solutions&nbsp; across segments, products, and services.<\/p>\n\n\n\n<p>Thanks to&nbsp; this&nbsp; proposed&nbsp; transaction&nbsp; NewALD&nbsp; would&nbsp; become&nbsp; a&nbsp; leading&nbsp; global&nbsp; provider&nbsp; of&nbsp;<strong>sustainable&nbsp;<\/strong>mobility solutions and the partner of choice for corporates to support the transition towards Electric Vehicles (EV). By establishing new global partnerships around new services for EV, NewALD would accelerate the deployment of multi-cycle, flexible and multi-modality solutions and&nbsp; ensure&nbsp; faster&nbsp; time-to-market&nbsp; for&nbsp; innovative&nbsp; sustainable&nbsp; mobility&nbsp; solutions.&nbsp; As&nbsp; a&nbsp; result, NewALD&nbsp; expects&nbsp; to&nbsp; go&nbsp; beyond&nbsp; ALD\u2019s&nbsp; current&nbsp; sustainability&nbsp; targets&nbsp; to&nbsp; establish&nbsp; true&nbsp; industry leadership on ESG7&nbsp;investor criteria.<\/p>\n\n\n\n<p>Both ALD and LeasePlan have a proven ability to bring innovative digital solutions to market, so NewALD would be well-placed to grasp new&nbsp;<strong>growth&nbsp;<\/strong>opportunities in the mobility sector. This would&nbsp; be &nbsp;further&nbsp; boosted&nbsp; by&nbsp; cross-selling&nbsp; their&nbsp; respective&nbsp; products&nbsp; and&nbsp; developing&nbsp; ALD\u2019s partnerships&nbsp; through&nbsp; LeasePlan\u2019s&nbsp; footprint.&nbsp;&nbsp; Powered&nbsp; by&nbsp; its&nbsp; enlarged&nbsp; offering,&nbsp; geographic presence, and extensive digital capabilities, NewALD would expect to drive strong growth across all client categories and lift annual fleet growth to at least 6.0% post-integration.<\/p>\n\n\n\n<p><strong>Delivering value to ALD shareholders:<\/strong><\/p>\n\n\n\n<p>The highly synergetic nature of this proposed combination and the complementary capabilities of ALD and LeasePlan would generate significant value for ALD\u2019s shareholders.<\/p>\n\n\n\n<p>NewALD would target a&nbsp;<strong>Cost\/Income ratio8&nbsp;<\/strong>of c. 45% by 2025, a strong improvement compared to the pro forma 53%9&nbsp;&nbsp;level in 9M 2021 of the two companies, and also better than ALD\u2019s&nbsp;<em>Move 2025&nbsp;<\/em>target of 46-48% for 2025. This demonstrates the strong positive jaws effect from the step-change in size of the new company. This best-in-class efficiency in the industry would further boost the company\u2019s resilience through the cycle.<\/p>\n\n\n\n<p>Scale effects and cost synergies would underpin this improvement in efficiency. Annual run-rate procurement and cost&nbsp;<strong>synergies&nbsp;<\/strong>are estimated at c. EUR 380 million before tax and would be expected to fully materialize by 2025. Procurement optimisation would contribute a substantial part of this, through synergies on vehicles &amp; tyres spend&nbsp; and&nbsp; savings in services and indirect expenditure. The remainder would come from other cost synergies. Restructuring costs, estimated at c. 1.25 times the annual run-rate synergies before tax, are expected to be incurred in 2023 and<\/p>\n\n\n\n<p>2024.<\/p>\n\n\n\n<p>As a result, this proposed transaction is expected to be highly&nbsp;<strong>accretive&nbsp;<\/strong>for ALD shareholders. Calculated on a pro forma basis, NewALD\u2019s EPS10&nbsp;&nbsp;for 2023 should improve by c.20%. NewALD is expected to deliver highly compelling value to investors in the mid-term due to strong long-term fleet growth and operating leverage coupled with attractive returns, supported by a high dividend pay-out ratio.<\/p>\n\n\n\n<p>7&nbsp;Environment, Social, Governance<\/p>\n\n\n\n<p>8&nbsp;Computed as: Total overheads\/Gross margin (excluding used car sales result and cost of risk) for ALD and LeasePlan<\/p>\n\n\n\n<p>9&nbsp;ALD at 48%. LeasePlan at 58%, restated to exclude cost of risk<\/p>\n\n\n\n<p>10&nbsp;Earnings per share. Computed based on ALD consensus net income group share as of 27 October 2021 (net income of EUR 623m), at constant perimeter, including fully-phased run-rate synergies and excluding restructuring costs. NewALD standalone EPS adjusted for capital increase compared to ALD\u2019s expected EPS<\/p>\n\n\n\n<p><strong>Robust balance sheet and strong capital position:<\/strong><\/p>\n\n\n\n<p>NewALD would aim to have a&nbsp;<strong>robust capital position<\/strong>. Strong solvency and profitability at closing would secure funding for future growth while maintaining a 50-60% pay-out ratio.<\/p>\n\n\n\n<p>LeasePlan currently has a banking license, allowing it to raise deposits under the Dutch deposit guarantee scheme, and it is regulated by the ECB. NewALD would maintain this access to deposits and&nbsp; apply&nbsp; to&nbsp; the&nbsp; ECB&nbsp; for&nbsp; regulated&nbsp; status&nbsp; as&nbsp; a&nbsp;&nbsp;<strong>Financial&nbsp; Holding&nbsp; Company<\/strong>.&nbsp; As&nbsp; a&nbsp; regulated institution, NewALD would target a c. 13% CET111&nbsp;&nbsp;ratio and a Total Capital Ratio of 15-16%. The transaction&nbsp; would&nbsp; use&nbsp; EUR&nbsp; 0.7Bn&nbsp; of&nbsp; capital&nbsp; surplus12&nbsp;&nbsp;&nbsp;in&nbsp; ALD&nbsp; to&nbsp; part&nbsp; fund&nbsp; the&nbsp; acquisition&nbsp; of LeasePlan,&nbsp; including&nbsp; with&nbsp; hybrid&nbsp; capital\/Tier&nbsp; 2&nbsp; debt,&nbsp; without&nbsp; fundamentally&nbsp; changing&nbsp; ALD\u2019s historical capitalisation level.<\/p>\n\n\n\n<p>The&nbsp;<strong>credit rating&nbsp;<\/strong>of NewALD is expected to be at least in line with ALD\u2019s current investment grade ratings (BBB from S&amp;P and BBB+ from Fitch). NewALD would benefit from a&nbsp;<strong>diversified funding profile<\/strong>, combining strong support from Societe Generale (providing c. 30% of its funding needs), deposits (c. 25%) and market funding (loans c. 10%, bonds c. 25% and securitizations c. 10%). Both ALD and LeasePlan are established issuers in financial markets, including via Green bonds and securitizations, and market access of NewALD would be expected to benefit from its regulated status and strong ratings.<\/p>\n\n\n\n<p>ALD, as a subsidiary of Societe Generale, has in recent years increasingly become subject to tighter compliance and reporting requirements, meaning related additional costs in this area are expected to be limited.<\/p>\n\n\n\n<p><strong>Integration:<\/strong><\/p>\n\n\n\n<p>Completing the integration effectively and within a&nbsp;<strong>short time frame&nbsp;<\/strong>from closing would enable the efficient generation of scale effects and synergies. Management\u2019s main objectives would be to leverage best practices from both sides, maintain high quality of services to all clients with a strong focus on commercial dynamics and the creation of a common culture driving staff motivation.<\/p>\n\n\n\n<p>To achieve a successful integration, an&nbsp;<strong>Integration Management Office&nbsp;<\/strong>(IMO) would be set up in 2022, leveraging the best talents of the two entities, which would finalise a joint migration plan. NewALD would adopt an appropriate, pragmatic, and efficient integration strategy, built on a two- stage process:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An interim period with a tactical approach focused on completing integration in the top 12<\/li><\/ul>\n\n\n\n<p>countries within c. 18 months from closing.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The&nbsp; progressive&nbsp; move&nbsp; from&nbsp; the&nbsp; interim&nbsp; operating&nbsp; model&nbsp; towards&nbsp; the&nbsp; digital&nbsp; target operating model.<\/li><\/ul>\n\n\n\n<p>NewALD\u00a0 would\u00a0 be\u00a0 led\u00a0 by\u00a0\u00a0<strong>Tim\u00a0 Albertsen,\u00a0 as\u00a0 CEO<\/strong>,\u00a0 who\u00a0 would\u00a0 be\u00a0 able\u00a0 to\u00a0 rely\u00a0 on\u00a0 two \u00a0highly experienced\u00a0 management\u00a0 teams\u00a0 with\u00a0 deep\u00a0 pools\u00a0 of\u00a0 talent\u00a0 and\u00a0 a\u00a0 proven\u00a0 track-record\u00a0 of\u00a0 fast merger execution (13 bolt-on acquisitions performed by ALD since 2014) and successful technology integrations over the past years.<\/p>\n\n\n\n<p><strong>Key transaction terms:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Price: Acquisition of 100% of LeasePlan for a total consideration of EUR 4.9 billion13<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>Transaction based on LP Group B.V.&nbsp; book value of EUR 3.514&nbsp;billion at closing<\/li><\/ul>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"2\"><li>Cash component: EUR 2.0 billion to be financed via a rights issue of EUR 1.3 billion and EUR 0.7 billion of surplus capital14<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>Rights issue underwritten by Societe Generale to occur before the completion of the proposed transaction<\/li><li>Take up enabling Societe Generale to hold c. 53%15&nbsp;in the combined entity at closing and ownership of c. 51% in case of warrants exercise<\/li><\/ul>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"3\"><li>Share component: 30.75% of combined entity share capital (12 months lock-up, followed by a 24 month period with orderly sale provision)<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>LeasePlan\u2019s selling shareholders would together hold 30.75% of NewALD after rights issue completion and combination<\/li><\/ul>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"4\"><li>ALD to issue warrants to the benefit of the LeasePlan\u2019s shareholders (total stake of 32.9% in case of warrants exercise)<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>Warrant&nbsp; characteristics:&nbsp; EUR&nbsp; 2.00&nbsp; strike&nbsp; price&nbsp; per&nbsp; share,&nbsp; 1&nbsp; NewALD&nbsp; share&nbsp; for&nbsp; 1 warrant<\/li><li>Exercise:&nbsp; between&nbsp; 1&nbsp; to&nbsp; 3&nbsp; years&nbsp; after&nbsp; closing,&nbsp; warrants&nbsp; become&nbsp; exercisable&nbsp; if NewALD\u2019s fully undisturbed share price (adjusted for the contemplated rights issue) increases by at least 30%<\/li><\/ul>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"5\"><li>Execution&nbsp; of&nbsp; a&nbsp; shareholders\u2019&nbsp; agreement&nbsp; between&nbsp; certain&nbsp; LeasePlan&nbsp; shareholders&nbsp; and Societe Generale (and lock-up agreements with other LeasePlan shareholders)<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"6\"><li>Post-closing, the free float of NewALD would exceed 15%, implying a significant increase in&nbsp;free float market value.<\/li><\/ol>\n\n\n\n<p>The proposed transaction has received the support of Societe Generale\u2019s, ALD\u2019s and LeasePlan\u2019s Boards of Directors, as well as LeasePlan\u2019s Supervisory Board, and is subject to information and consultation of relevant works councils. The closing of the transaction is subject to customary closing conditions. The main closing conditions are (i) the regulatory and antitrust approvals, (ii) the waiver by the AMF to the obligation to file a tender offer on ALD granted to the LeasePlan\u2019 shareholders (iii) the shareholders meeting of ALD, (iv) the distribution by LeasePlan of its excess capital and (v) the delivery by each of ALD an LeasePlan of a pre-agreed book value at closing allowing the combined entity to reach a CET1 level of c. 13%. The proposed transaction would be expected to close by end of 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ALD ANNOUNCES THE SIGNING OF A MEMORANDUM&nbsp;&nbsp; OF&nbsp;&nbsp; UNDERSTANDING&nbsp;&nbsp; TO&nbsp;ACQUIRE 100% OF LEASEPLAN FROM A CONSORTIUM LED BY TDR CAPITAL THE&nbsp; PROPOSED&nbsp; ACQUISITION&nbsp; OF&nbsp; LEASEPLAN&nbsp; FOR&nbsp; A&nbsp; TOTAL&nbsp; CONSIDERATION&nbsp; OF&nbsp;EUR 4.9 BILLION1&nbsp;&nbsp;WOULD BE MADE THROUGH A COMBINATION OF CASH AND SHARES AT&nbsp; CLOSING,&nbsp; EXPECTED&nbsp; BY&nbsp; END&nbsp; 2022,&nbsp; SOCIETE GENERALE&nbsp; WOULD&nbsp; OWN&nbsp; C. 53%&nbsp; OF&nbsp;\u201cNewALD\u201d, LEASEPLAN [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[],"class_list":["post-3883","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/3883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3883"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/3883\/revisions"}],"predecessor-version":[{"id":3884,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/3883\/revisions\/3884"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}