Low-fare operator Pegasus Airlines has signed an agreement to acquire Czech Airlines and its subsidiary Smartwings with a EUR 154 million transaction that remains to be completed.
Established in 1990, Pegasus serves 158 destinations with a fleet of 127 aircraft consisting of Boeing 737-800s and Airbus A320-200neos, A320-200ceos, and A321-200neos. Czech Airlines was much older, with its debut in 1923 as Czechoslovak State Airlines, before Smartwings bought a majority share in the airline in 2018. Czech Airlines became the parent company of Smartwings in 2024, and the group operated a fleet of Boeing 737- 900ER, 737-MAX-8, 737- 800, Cessna 680 Citation Sovereign, Airbus A320, and Airbus A220-300 aircraft.
“At Pegasus Airlines, we set out in 2005 with a bold ambition – to make air travel accessible to everyone,” said Güliz Öztürk, Chief Executive Officer at Pegasus Airlines. “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.
Öztürk continued: “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.”
“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,” commented shareholder of Czech Airlines and co-founder of its subsidiary Smartwings, Jiří Šimáně. “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.”
Photo: Pegasus Airlines
