Turkish Pegasus Buys Czech Airlines, Expands in Central Europe

Turkey's Pegasus Airlines has agreed to buy Czech Airlines and its main carrier Smartwings from Prague City Air in a deal valued at €154 million ($180 million). The acquisition will expand Pegasus’s European footprint by adding 47 aircraft to its existing fleet of 127 planes.

Deal details

Pegasus secured the deal after stepping in with a last-minute offer, following the collapse of negotiations between Smartwings and LOT Polish Airlines.

Smartwings, one of the largest leisure airlines in the Czech Republic, operates scheduled, charter, and private flights to 80 destinations in 20 countries. Together with Czech Airlines, the group flies nearly 50 aircraft and generates close to €1 billion ($1.16 billion) in annual revenue.

Pegasus plans to integrate operations to reduce costs, broaden its network, and maintain the existing brands while improving efficiency.

The transaction still requires approval from Czech and international regulators, with completion expected in 2026.

What this means for Pegasus and Czech Airlines

The acquisition strengthens Pegasus’s position as a major low-cost carrier, serving 153 destinations in 54 countries.

By gaining access to Central European slots and popular leisure routes, Pegasus is better positioned to compete with Ryanair and Wizz Air, especially in the charter and holiday markets.

In the Czech Republic, the shift from local to Turkish ownership after 27 years may bring more growth, although there are concerns about possible changes in routes and brand identity.

Meanwhile, investor confidence appears strong, with Pegasus shares rising 3 percent after the announcement.

Turkey builds deeper aviation links with Europe

Recently, Turkish Airlines announced that its board approved the sale of its entire 49 percent stake in Air Albania, a carrier it helped establish seven years ago.

The news comes shortly after Turkish Airlines invested $349 million to acquire a 25 to 27 percent minority share in Air Europa, the Spanish airline.

These moves point to a broader strategy to deepen ties with European carriers and position Turkish aviation groups more competitively across the continent.

Photo by Ondrej Bocek on Unsplash