Pegasus Airlines has reached an agreement to purchase Czech Airlines along with its subsidiary Smartwings for €154 million, marking a major step in the Turkish carrier’s global growth strategy.
The deal, announced on Monday, covers both airlines as well as associated receivables. Completion of the transaction will depend on mandatory regulatory approvals and fulfillment of other closing conditions.
Founded in 1990, Pegasus Airlines currently flies to 158 destinations in 55 countries and operates one of the world’s youngest and most fuel-efficient fleets.
The acquisition will bring Smartwings—the largest airline in the Czech Republic—into the Pegasus group. Smartwings and Czech Airlines together operate flights to 80 destinations across 20 countries.
With the addition of Smartwings’ 47 aircraft, Pegasus Airlines’ fleet will expand from 127 to 174 aircraft.
“At Pegasus Airlines, we began in 2005 with a bold vision to make air travel accessible to all,” said CEO Güliz Öztürk. “By joining forces with Czech Airlines and Smartwings, we are opening an exciting new chapter in our growth story.”
Pegasus intends to continue operating both the Smartwings and Pegasus Airlines brands, with plans to strengthen their joint footprint across Europe.
Jiří Šimáně, shareholder of Czech Airlines and co-founder of Smartwings, commented: “We believe Pegasus Airlines is the ideal new shareholder—one that will bring millions of passengers greater benefits, improved connectivity, and an enhanced travel experience across its extensive network.”