Through the agreement to acquire Czech Airlines—one of the world’s oldest airline brands—and its subsidiary Smartwings, Pegasus Airlines has taken an important step toward its international expansion goals. This strategic investment aims to broaden the company’s global operations. The total value of the transaction has been set at 154 million euros, including the debts of both companies. The completion of the acquisition will take place following the necessary regulatory approvals and the fulfilment of other transfer conditions.
Pegasus Airlines, which began operations in 1990 and has enabled millions of people to access air travel through its low-cost model for the past twenty years, today operates flights to 158 destinations in 55 countries and has one of the world’s youngest and most fuel-efficient fleets. Smartwings, operating under the Czech Airlines and Smartwings brands, is the largest airline in the Czech Republic and one of the established airline groups in Central and Eastern Europe. The company stands out with its network of 80 destinations in 20 countries, strong partnerships with tour operators, and its position in the regional leisure travel market.
With this acquisition, Pegasus Airlines aims to combine the experience and resources of both airlines to create a strong structure that offers guests a wider flight network and affordable fares. Following the acquisition, both airlines will benefit from each other’s strengths by using their shared expertise.
“A New Chapter in Our Growth Journey”
Commenting on the acquisition, Pegasus Airlines CEO Güliz Öztürk said:
“As Pegasus Airlines, we set out in 2005 with a bold goal: to make air travel accessible to everyone. Today, by expanding our fleet from 14 to 127 aircraft, we have become one of the world’s most efficient and profitable airlines. Now, by joining forces with the 47-aircraft fleet of Czech Airlines and Smartwings, we are opening a new chapter in our growth journey. But our aim is not only to scale up; it is also to build a strong, future-ready structure focused on flight safety, technology, efficiency, and guest experience. Today, I can say with confidence that we may not have started the aviation transformation in Türkiye, but we changed it. Now we are ready to move to the next stage of our growth journey. With Czech Airlines and Smartwings, a shared vision has emerged: as two different brands, Smartwings and Pegasus, we will continue to spread our wings across the world.”
The shareholders and founders of Czech Airlines and Smartwings announced that after dedicating nearly twenty-seven years to establishing and developing the airline, they had made a strategic decision to transfer Czech Airlines and its subsidiary Smartwings to Pegasus Airlines, which has the potential and capability to further expand and strengthen the companies’ operations.
Jiří Šimáně, Czech Airlines shareholder and Smartwings co-founder, said:
“We are immensely proud to have brought Smartwings and Czech Airlines—founded with limited financial resources and without state support—to where they stand today. Over the years, we have overcome many challenges by remaining committed to innovation, resilience, and guest satisfaction. We believe Pegasus Airlines is the ideal shareholder for Czech Airlines and Smartwings, and that this will offer our guests more advantages, better connections, and enhanced travel opportunities. We thank all our employees, business partners, and guests for their loyalty, trust, and contributions. We will be pleased to see Czech Airlines and Smartwings continue to grow under the Pegasus umbrella.”
