Pegasus buys Czechia’s smartwings for €154M

Pegasus Airlines has signed a €154 million agreement to acquire Smartwings Group, Czechia’s largest airline, marking a major step in the Turkish low-cost carrier’s European expansion.

According to a filing with Türkiye’s Public Disclosure Platform (KAP), the deal covers the entire share capital of Smartwings Group — including Czech Airlines and Smartwings a.s. — as well as assumed shareholder debts. Pegasus has also set up a new Dutch subsidiary to complete the transaction.

The acquisition is subject to regulatory and administrative approvals in Czechia and other countries where Smartwings operates, with closing expected in 2026.

Pegasus CEO Güliz Öztürk said the combined fleet of Smartwings and Czech Airlines will strengthen the airline’s international growth strategy. Smartwings co-founder Jiří Šimáně said Pegasus is the right owner to expand the company after 27 years of development.

Pegasus operates 112 aircraft on 156 routes, while Smartwings flies 42 aircraft to 40 international destinations.