Finance
Turkey's Pegasus signs 154 million euro deal to buy Czech Airlines, Smartwings
Published by Global Banking and Finance Review
Posted on December 8, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 8, 2025
2 min readLast updated: January 20, 2026
Pegasus Airlines acquires Czech Airlines and Smartwings for 154 million euros, aiming to expand globally. The deal includes company debts and is expected to complete by 2026.
ISTANBUL, Dec 8 (Reuters) - Turkey's Pegasus Airlines said on Monday it had signed a deal to acquire Czech Airlines (CSA) and its subsidiary Smartwings in a transaction worth 154 million euros ($180 million) in total, with the goal of expanding globally.
Pegasus, in a statement on the Istanbul stock exchange platform KAP, said it had concluded a deal with Prague City Air to buy its stakes in CSA, Smartwings and its subsidiaries.
It said the sum of 154 million euros included the debts of both companies.
"The strategic investment aims to strengthen the company's presence in Europe and support global expansion," Pegasus said.
Pegasus shares were up 3% in Istanbul on Monday.
Completion of the deal is conditional upon obtaining the necessary approvals in the Czech Republic and other countries where Smartwings Group operates, with completion expected to take place in 2026, Pegasus said.
Smartwings, the leading leisure carrier based in the Czech Republic, has an air operator certificate in Czech Republic, Slovakia, Poland and Hungary, with a network of 80 destinations in 20 countries.
The Smartwings and Czech Airlines' fleet has 47 aircraft. Smartwings generated around 1 billion euros in revenue in 2024.
Pegasus has a fleet of 127 aircraft, flying to 158 destinations in 55 countries.
($1 = 0.8576 euros)
(Reporting by Canan Sevgili, Arda Dipova, Ceyda Caglayan; Writing by Daren Butler; Editing by Jonathan Spicer, Bernadette Baum and Susan Fenton)
An acquisition is a corporate action in which one company purchases another company, gaining control over its assets and operations.
A strategic investment is made with the intention of achieving specific business goals, such as market expansion or enhancing competitive advantage.
A subsidiary is a company that is completely or partially owned and controlled by another company, known as the parent company.
Market expansion refers to the strategy of entering new markets or increasing market share in existing markets to drive business growth.
Aircraft operator certificates are licenses issued by aviation authorities that allow companies to operate aircraft for commercial purposes.
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