Turkish low-cost carrier Pegasus Airlines announced on Monday that it has agreed to acquire Czech airline Smartwings in a €154 million ($180 million) deal aimed at expanding its European presence. The acquisition is subject to regulatory approval, and Smartwings will retain its own brand name.
“Together, we aim to spread our wings across Europe with two distinctive brands, Smartwings and Pegasus Airlines,” the Turkish carrier said in a statement. Pegasus described the strategic investment as a way to strengthen its position in Europe while supporting continued global expansion.
Smartwings—along with its holding company Czech Airlines—operates a fleet of 47 aircraft serving 80 destinations in 20 countries. The airline has functioned as a low-cost carrier for two decades but originated as a charter company called Travel Service. Travel Service acquired control of the troubled flag carrier Czech Airlines in 2018, later adopting the Czech Airlines name for its holding company. The final flight under the Czech Airlines livery took place in 2024, with Smartwings taking over operations.
The founders and shareholders of Smartwings said they made the “strategic decision to transfer Czech Airlines and Smartwings to Pegasus Airlines—a strong European carrier with the potential and capability to further expand and strengthen the company’s operations.”
Pegasus Airlines, founded in 1990, operates 158 international routes to 55 countries and flies to 38 domestic destinations within Turkey. Its primary hub is Istanbul’s Sabiha Gokcen Airport on the Asian side of the city.
