Pegasus Airlines has completed its €154m acquisition of the Smartwings Group, which includes the Czech Airlines brand.
Pegasus originally announced the agreement in December 2025. Israel’s Israir Group had also pursued a potential acquisition before the Czech carrier’s shareholders ultimately agreed to Pegasus’s deal.
The enlarged group operates a combined fleet of more than 175 aircraft, while Pegasus and Smartwings have firm orders covering a further 140 examples. Pegasus currently serves 161 destinations across 57 countries, while Smartwings Group operates around 80 destinations in 20 countries and has an established position in the Central and Eastern European leisure market.
Smartwings and Czech Airlines will continue operating under their existing brands, with Pegasus saying there will be no immediate changes to day-to-day operations, customer relationships or service delivery.
Approval from the Czech Office for the Protection of Competition was subject to conditions designed to preserve competition. These required the Turkish low-cost carrier to transfer several summer-season slots on the Prague-Antalya route to another airline.
Pegasus said the acquisition combines its extensive international network and low-cost operating model with Smartwings’ established Central European presence and relationships with tour operators. The company described the transaction as an important step in its international expansion and a platform for further European growth.
Meanwhile, the airline’s CEO Güliz Öztürk added: “Our story began with a dream of a world where everyone can fly, and today, Pegasus Airlines and Smartwings come together to take that ambition forward. Together we can grow further and offer our guests more choice than any of us could alone. The people and relationships behind each airline are the reason I’m confident in what comes next, and we look forward to writing the next chapter together with all our colleagues.”
