Turkish low-cost carrier Pegasus Airlines announced Monday that it has reached an agreement to acquire Czech airline Smartwings along with its shareholder Czech Airlines, in a deal valued at €154 million.
Pegasus CEO Güliz Öztürk said the airline intends to expand across Europe © Mena Today
Turkish low-cost carrier Pegasus Airlines announced Monday that it has reached an agreement to acquire Czech airline Smartwings along with its shareholder Czech Airlines, in a deal valued at €154 million.
The transaction still requires regulatory approval, the company said in a statement.
Pegasus, founded in 1990 and now flying to 158 destinations across 55 countries, described the acquisition as a “strategic investment to strengthen its footprint in Europe and support its global growth ambitions.”
Smartwings and Czech Airlines operate a combined fleet of 47 aircraft and serve 80 destinations in 20 countries, according to Pegasus.
Czech Airlines, one of the world’s oldest carriers founded in 1923, was severely affected by the Covid-19 pandemic and entered bankruptcy protection in 2021.
Pegasus CEO Güliz Öztürk said the airline intends to expand across Europe by operating “two distinct brands, Smartwings and Pegasus Airlines,” under the group’s umbrella.
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