Pegasus Airlines completes the acquisition of Czech Airlines and Smartwings

Pegasus Airlines completed the acquisition of Czech Airlines and Smartwings Group after receiving the relevant regulatory approvals. The deal, announced in December 2025, brings together the Turkish low-cost airline and a group with a strong presence in the Central and Eastern European tourism market.

Tourinews puts the transaction at 154 million euros. According to media coverage, the combined group has more than 175 aircraft and firm orders for another 140. This order book opens up the possibility of expanding the fleet, although it does not mean that all the aircraft will be added immediately or guarantee a specific commercial outcome.

Two business profiles under one group

Pegasus brings its low-cost model and operational experience. Smartwings, for its part, specializes in holiday flights and maintains a network of 80 destinations in 20 countries, supported by partnerships with tour operators. The acquisition expands the group’s presence in Central and Eastern Europe and adds significant activity serving Spanish destinations, including Andalusia, the Balearic Islands, the Canary Islands, Catalonia, the Valencian Community, Madrid, and the Basque Country.

Czech Airlines, a historic brand in European aviation, ceased operating flights in October 2024, according to Tourinews. Smartwings will continue flying under its own brands and maintain its day-to-day operations, its relationship with customers, and the provision of services, according to information released about the deal’s completion.

Expected growth, not guaranteed

Pegasus says the combination strengthens its competitiveness and expands its growth opportunities by bringing together its capabilities and Smartwings’ position in the regional tourism market. Güliz Öztürk, CEO of Pegasus Airlines, said that the two companies could offer passengers more options together. Jiří Šimáně, co-founder of Smartwings, expressed confidence that Pegasus could support future growth and create value for stakeholders.

These statements describe the companies’ expectations, not outcomes already achieved. The available information confirms the completion of the acquisition and the announced operational continuity, but does not detail changes to routes, fares, employment, systems integration, or a schedule for adding the aircraft on order. Nor does it yet make it possible to quantify the impact of the acquisition on either company’s results.