Turkey's Pegasus Airlines Completes €154 Million Takeover of Czech Airlines and Smartwings

Turkish low-cost carrier Pegasus Airlines has completed its acquisition of Czech Airlines and the Smartwings Group for €154 million, closing a deal first announced in December 2025. The transaction, finalised on October 1 after receiving all required regulatory approvals, gives Pegasus an established base in Central Europe and creates a combined fleet of more than 175 aircraft, with firm orders for a further 140.

Smartwings will continue operating under its existing brand, preserving customer relationships and tour operator partnerships built over 28 years of independent operation. The deal brings together Pegasus's low-cost network, which focuses on Turkey and surrounding regions, with Smartwings' leisure-oriented business across Central and Eastern European routes.

The acquisition is strategically significant for both airlines. Pegasus gains access to EU air traffic rights, airport slots, and a customer base in markets where it previously had limited presence. Smartwings, which had struggled with profitability challenges common to mid-sized European leisure carriers, gains the financial backing and scale of a larger group.

The deal reflects broader consolidation trends in European aviation, where mid-sized carriers increasingly face pressure from fuel costs, labour shortages and competition from both ultra-low-cost and full-service airlines. For travellers, the combined operation may eventually mean expanded route options between Turkey, Central Europe and beyond, though integration of two airlines with different operating models typically takes several years to complete.