Key Moments
- Pegasus Airlines agreed to acquire Smartwings and its owner, Czech Airlines, from Prague City Air in a deal valued at 154 million euros (almost $180 million).
- The transfer of ownership of Czech Airlines is expected to be finalized within 12 months, according to a Smartwings spokesperson.
- Smartwings serves around 80 destinations with nearly 50 aircraft, while Pegasus operates flights to 153 destinations in 54 countries.
Transaction Overview
Turkey’s Pegasus Airlines announced that it has signed an agreement to purchase Smartwings, the largest Czech airline, together with its owner, Czech Airlines, from Prague City Air. The transaction is valued at 154 million euros, described by Pegasus as “almost $180 million.”
Pegasus characterized the acquisition as a “step forward in our continued global growth journey.” The agreement marks a significant move in expanding Pegasus’s presence beyond its home market.
🔴 Pegasus Airlines has agreed to acquire Czech Airlines and its subsidiary Smartwings for €154 million, a move that will significantly expand the Turkish low-cost carrier’s presence in Europe. The transaction remains subject to regulatory approval. #Airways #News pic.twitter.com/3FZLXWZR5H
— Airways Magazine (@airwaysmagazine) December 8, 2025
Deal Structure and Timeline
Under the terms of the agreement, Pegasus will acquire both Smartwings and Czech Airlines. Smartwings spokeswoman Vladimíra Dufková said the transfer of ownership of Czech Airlines should be completed within 12 months. No further timeline details were provided.
| Party | Role | Key Detail |
|---|---|---|
| Pegasus Airlines | Acquirer | Agreed to buy Smartwings and Czech Airlines |
| Smartwings | Target company | Largest Czech airline, operates regular, charter and private flights |
| Czech Airlines | Owned by Smartwings | Ownership transfer expected to conclude in 12 months |
| Prague City Air | Seller | Current owner of Smartwings and Czech Airlines |
Smartwings Operations and Previous Talks
Smartwings currently runs regular, charter, and private services to approximately 80 destinations, using almost 50 aircraft. The company had previously been in talks over a potential takeover by Polish national carrier LOT.
Those negotiations did not result in a deal. According to the article, the LOT transaction collapsed over the weekend after Pegasus submitted a competing offer.
Pegasus Airlines Profile
Pegasus is described as a low cost carrier that was established in 1990. The airline says it operates flights to 153 destinations across 54 countries. The acquisition of Smartwings and Czech Airlines aligns with its stated aim of global expansion.
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