Türkiye's low-cost carrier Pegasus Airlines has announced a €154 million ($179.6 million) binding agreement to acquire Smartwings Group, a major Czech aviation company operating flights across Europe. The deal encompasses the entire share capital of Smartwings, including its assets and debts, and is contingent upon necessary regulatory approvals, with an expected closing by 2026.
This strategic acquisition aims to facilitate Pegasus's expansion into new markets and enhance its fleet capabilities. To support the transaction, Pegasus has also established a new subsidiary in the Netherlands dedicated to executing the share acquisition.
Background and Strategic Significance
Founded in 1997, Smartwings serves as the parent company of several regional airlines, offering scheduled, charter, and private flights with a fleet of 42 aircraft. It is recognized as the largest airline in Czechia with services to about 40 international destinations. Pegasus, established in 1990, operates to 156 destinations worldwide, with a fleet of 112 aircraft, and reported revenues of around $3.41 billion in 2024.
"The acquisition marks a significant milestone in Pegasus's growth journey," said Guliz Ozturk, CEO of Pegasus Airlines. "We aim to build a stronger, more diversified network that benefits our passengers and stakeholders."
Smartwings' founders expressed their confidence that Pegasus’s capabilities would help sustainably grow their operations, ensuring expanded connectivity and travel options for passengers across Europe. The deal represents a major move in Türkiye’s aviation sector and reflects the dynamic expansion strategies of low-cost carriers in the region.
