Pegasus Airlines has reached an agreement to acquire Czech Airlines and its subsidiary Smartwings for €154 million, marking one of the most significant cross-border airline acquisitions in Europe this year. The deal includes the purchase of both companies and their associated receivables. Completion remains subject to regulatory approvals and additional transfer conditions.
The acquisition represents a significant step in Pegasus Airlines’ long-term international expansion strategy. Founded in 1990 and operating one of the youngest and most fuel-efficient fleets globally, Pegasus currently flies to 158 destinations across 55 countries. Smartwings, the largest carrier in the Czech Republic and operator of both the Smartwings and Czech Airlines brands, brings a network spanning 80 destinations in 20 countries and a strong foothold in the region’s leisure travel market, complemented by extensive partnerships with European tour operators.
By integrating the capabilities, experience, and operational strengths of the three brands, Pegasus expects to expand its European footprint while broadening travel options for passengers. The combined fleet of Pegasus, Czech Airlines, and Smartwings will total 174 aircraft once the transaction closes, enabling expanded route development and increased capacity. Both organizations plan to maintain their own brands while drawing on shared expertise and efficiency initiatives to support growth and improve the customer experience.
Czech Airlines’ founders and Smartwings’ shareholders stated that transferring ownership to Pegasus Airlines reflects a strategic decision to position the carriers for long-term expansion under new leadership. After nearly three decades of building the companies without state support, they said the time was right for a shareholder with the scale and capability to accelerate growth and modernize operations.
KEY QUOTES:
“At Pegasus Airlines, 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, personalized, and efficient travel experiences. We look forward to shaping this future together.
“Today, I can confidently say that – We didn’t start aviation in Türkiye, but we transformed it-. And now, we’re ready to take the next step in our growth story. Together with Czech Airlines and Smartwings, we have a shared vision: as Pegasus Airlines and Smartwings operating under two distinct brands, we will continue spreading our wings across the world.”
Güliz Öztürk, CEO, Pegasus Airlines
“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.”
Jiří Šimáně, Shareholder of Czech Airlines and Co-Founder of Smartwings
