Pegasus Airlines has announced one of the most significant strategic moves in its history: it will acquire Smartwings and Czech Airlines in a transaction worth €154 million. With this deal, the Turkish low-cost carrier is making a deep entry into the Central European market, while the takeover will be finalised once regulatory approvals and conditions are met, with the share transfer expected within the next 12 months. Confirmation of the acquisition was also published on Pegasus’ official social media channels.
The sale process formally began earlier this year, as confirmed by Smartwings spokesperson Vladimíra Dufková, who added that Pegasus Airlines emerged as the most likely buyer. In previous years, interest had also been shown by Poland’s LOT and Israeli leisure carrier Israir, which withdrew from the process after several years of negotiations.
The acquisition follows a reorganisation within the group itself: after Czech Airlines entered insolvency in 2021 during the pandemic, Smartwings took over all operational functions, while ČSA remained present only as a brand of the holding company.
Pegasus Airlines today flies to 158 destinations in 55 countries and operates a fleet of 118 Airbus A320 Family aircraft (neo and ceo) and 9 Boeing 737-800s, mainly deployed on domestic routes. Smartwings operates 45 active aircraft: 39 Boeing 737 NG and MAX jets, 2 Airbus A320s, and 4 Airbus A220-300s flying under the Czech Airlines brand.
With this acquisition, the total Pegasus Airlines fleet will grow to 172 aircraft. The long-term fleet outlook is particularly interesting: although Pegasus currently operates Airbus aircraft predominantly, it announced earlier this year a record order of up to 200 Boeing 737 MAX 10s. Given that Smartwings already relies almost entirely on Boeing aircraft, potential long-term fleet consolidation could result in both carriers eventually operating an almost unified Boeing fleet — bringing significant savings in maintenance, training and operations. At the same time, the fact that Pegasus currently has no MAX aircraft in service, and is acquiring an operator that does, creates a natural platform for a future transition.
Smartwings, headquartered in Prague, serves a network of 80 destinations in 20 countries, while Pegasus, based at Istanbul Sabiha Gökçen, covers 158 destinations. The combined network will create a strong pan-European platform focused on affordability and rapid growth, the two companies emphasise.
Pegasus CEO Güliz Öztürk highlighted the vision behind the acquisition. “At Pegasus Airlines, we set out in 2005 with the ambition to make flying accessible to everyone. By acquiring Smartwings and Czech Airlines, we are opening a new chapter of growth. We share a common vision, and our goal is to build a resilient, technologically advanced organisation with safety at the core of its operations.”
Smartwings co-owner Jiří Šimáně noted that the company was built without state aid and with limited resources. “We decided to hand over the company to a partner with the potential to further strengthen and expand our operations. We are confident that Pegasus Airlines will bring passengers new value, better connectivity and more reasons to enjoy their journey.”
Pegasus has confirmed that both brands — Smartwings and Czech Airlines — will continue to operate, with a focus on network expansion and resource integration. This acquisition is already shaping up to be one of the most significant consolidations in European aviation in the past decade.
