Turkey-based low-cost carrier Pegasus Airlines has signed an agreement to acquire Czech Airlines along with its subsidiary Smartwings in a €154 million deal.
Pegasus said the investment will strengthen its presence in Europe and support its continued global expansion. The company added that the airlines “stand out” with their combined network of 80 destinations in 20 countries and its strong partnerships with tour operators.
“By joining forces with Czech Airlines and Smartwings, which have a combined fleet size of 47, we're opening a new chapter in our growth journey,” said Pegasus Airlines CEO Guliz Ozturk.
The airline said it aims to “combine the experience and resources of both carries” to create a future-ready company with a wider network.
Ozturk added: “This integration is not just about growth, but about creating resilient, technology-driven companies that put safety at the heart of operations and are prepared to meet the future to deliver easy, personalised and efficient travel experiences."
“We are confident that Pegasus Airlines represents the ideal shareholder for Czech Airlines and Smartwings, one that will bring millions of passengers across its network new benefits, enhanced connectivity, and a continued joy of travel,” said shareholder of Czech Airlines and cofounder of its subsidiary Smartwings Jiri Simane.
The completion of the transaction is dependent on regulatory approvals.