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Pegasus Airlines, one of Türkiye’s leading low-cost carriers, has signed a €154 million ($179.6 million) binding agreement to acquire Smartwings Group, a Czech-based aviation conglomerate that operates flights across Europe and beyond.
According to a disclosure filed with the Public Disclosure Platform (KAP) on Monday, the agreements were signed with Prague City Air s.r.o, the seller, and Unimex Group, a.s., which is assigning its receivables. Smartwings Group includes Czech Airlines, Smartwings a.s., and other affiliated entities headquartered in the Czech Republic, and the agreement covers the entire share capital, including both the equity of Smartwings Group and its assumed shareholder debts.
The transaction may be subject to further price adjustments after completion, based on conditions defined in the agreement, the statement said. To facilitate the transaction, Pegasus Airlines has also approved the establishment of a new subsidiary in the Netherlands, which will be responsible for executing the share acquisition.
The finalization of the transaction depends on obtaining all necessary regulatory and administrative approvals in the Czech Republic and other jurisdictions where Smartwings operates. The process is also contingent on standard closing conditions typical of cross-border aviation transactions. Pegasus expects the deal to close by 2026, assuming all conditions are met.
Commenting on the acquisition, Pegasus Airlines CEO Guliz Ozturk said the move opens a new chapter in the airline’s growth story. She emphasized that the goal is not only to scale operations, but also to build a robust structure focused on flight safety, efficiency, technology, and passenger experience.
"Now, with the combined fleet of Czech Airlines and Smartwings, we are entering the next stage of our journey," Ozturk said. "Two distinct brands—Smartwings and Pegasus—will continue to spread their wings globally with a shared vision."
Jiri Simane, co-founder of Smartwings, stated that after more than 27 years of building the group, they have decided to hand over the company to Pegasus Airlines, citing its capability to strengthen and expand operations. He said they are proud to have developed the airlines without state support and with limited resources, describing Pegasus as the ideal shareholder to take the companies forward and offer better connectivity and travel options to passengers.
Founded in 1990 and restructured in 2005 under ESAS Holding, Pegasus Airlines operates scheduled flights to 156 destinations with a fleet of 112 aircraft, generating ₺111.82 billion ($3.41 billion) in revenue in 2024.
Smartwings, established in 1997, is the parent company of Smartwings Poland, Smartwings Slovakia, and Smartwings Hungary, and offers scheduled, charter, and private flight services with a fleet of 42 aircraft and flights to 40 international destinations, as the largest carrier in Czechia.
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