Pegasus Airlines has taken a significant step towards its international growth ambitions with an agreement to acquire Czech Airlines—one of the world’s oldest airline brands—and its subsidiary Smartwings, the leisure carrier based in the Czech Republic. This strategic investment is designed to strengthen Pegasus Airlines’ presence in Europe and support its ongoing global expansion. The total transaction value is €154 million (US$180 million), covering both companies and related receivables. Completion of the transaction remains subject to mandatory regulatory approvals and other transfer conditions.
Founded in 1990, Pegasus Airlines has spent more than two decades making air travel accessible to millions through its low-cost business model. Today, it serves 158 destinations across 55 countries, operating one of the world’s youngest and most fuel-efficient fleets. Smartwings—the Czech Republic’s largest carrier—operates under the Smartwings and Czech Airlines brands and is regarded as one of the most established airline groups in Central and Eastern Europe. The airline is distinguished by its network of 80 destinations in 20 countries, strong partnerships with tour operators, and its prominent position in the region’s leisure travel market.
Commenting on the acquisition, Pegasus Airlines CEO Güliz Öztürk said: “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 of 47 aircraft, we’re opening a new chapter in our growth journey.
“A shared vision has emerged with the management of Czech Airlines and Smartwings: together, we aim to spread our wings across Europe with two distinctive brands—Smartwings and Pegasus Airlines. This integration is not merely about growth, but about creating resilient, technology-driven companies that put safety at the core of operations and are prepared to deliver easy, personalised, and efficient travel experiences. We look forward to shaping this future together.
“Today, I can confidently say—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 share one vision: as Pegasus Airlines and Smartwings operating under two distinct brands, we will continue spreading our wings across the world.”
Through this acquisition, Pegasus Airlines aims to unite the experience and resources of both carriers to create a future-ready organisation offering passengers a wider network and affordable fares. Following the transaction, both airlines will draw on shared expertise and build on each other’s strengths. The shareholders of Czech Airlines and the founders of Smartwings announced that, after nearly twenty-seven years dedicated to building and developing the airlines, they have made the strategic decision to transfer ownership to Pegasus Airlines—a strong European carrier with the capability to further expand and strengthen the group’s operations.
