Pegasus Airlines agrees to acquire Czech Airlines/Smartwings for €154m 

Turkish budget carrier Pegasus Airlines is taking over Czech Airlines and its leisure airline subsidiary Smartwings.

 

The €154 million deal for the Czech Republic airlines is described as a “major step” towards Pegasus’s international growth goals.

 

The strategic investment aims to strengthen the airline’s presence in Europe and support its continued global expansion. 

 

Pegasus Airlines and Smartwings are to operate under two distinct brands, although it is unclear about the future of the Czech Airlines name.

 

Completion of the deal is conditional upon obtaining the mandatory regulatory approvals and other transfer conditions.

 

Pegasus Airlines, established in 1990, serves 158 destinations across 55 countries. 

 

Smartwings and Czech Airlines cover a network of 80 destinations in 20 countries, together with strong partnerships with tour operators.

 

Pegasus Airlines aims to combine the experience and resources of both carriers “to create an organisation ready for the future, offering passengers a wider network and affordable fares”.  

 

Chief executive Güliz Öztürk said: “We set out in 2005 with a bold ambition - to make air travel accessible to everyone. Since then, we’ve expanded our fleet from 14 to 127 aircraft, becoming one of the world’s most efficient and profitable airlines.  

 

“Now, by joining forces with Czech Airlines and Smartwings, which have a combined fleet size of 47, we’re opening a new chapter in our growth journey.

 

“A shared vision has emerged with Czech Airlines and Smartwings’ management - together, we aim to spread our wings across Europe with two distinctive brands, Smartwings and Pegasus Airlines. 

 

“This integration is not just about growth, but about creating resilient, technology-driven companies that put safety at the heart of operations and are prepared to meet the future to deliver easy, personalised and efficient travel experiences. We look forward to shaping this future together.”

 

Shareholder of Czech Airlines and co-founder of its subsidiary Smartwings, Jiří Šimáně, said: “We take great pride in having successfully established and grown Czech Airlines and Smartwings with limited financial resources and without the external support that most airlines typically receive from their respective governments. 

 

“Throughout these years, we have remained steadfast in our commitment to resilience, innovation, and customer satisfaction, whilst overcoming every challenge on the path to long-term prosperity. 

 

“We are confident that Pegasus Airlines represents the ideal shareholder for Czech Airlines and Smartwings, one that will bring millions of passengers across its network new benefits, enhanced connectivity, and a continued joy of travel.

 

“The management and shareholders extend their sincere gratitude to all employees, partners, and passengers for their loyalty, trust, and contribution to the company’s success. We look forward to seeing Czech Airlines and Smartwings continue to thrive under Pegasus.”