Pegasus Airlines charts new growth chapter as it completes takeover of Smartwings Group

Pegasus Airlines has completed the acquisition of Czech Airlines and Smartwings Group in a deal thought to be worth €154 million. The milestone is a significant step in the Turkish low-cost carrier’s (LCC’s) international expansion.

The strategic partnership unites two established aviation businesses. Their combined fleet now exceeds 175 aircraft with firm orders for up to 140 aircraft already secured by both carriers. This gives the expanded growth considerable room to grow.

Pegasus Airlines looks west

Established in 1990, Pegasus Airlines currently operates a network covering 161 destinations across 57 countries. The LCC says it operates “one of the world’s youngest and most fuel-efficient fleets.”

Based at Istanbul’s Sabiha Gökçen airport, with further bases across Türkiye, Pegasus connects the country with Europe, the Middle East, North Africa and Asia. The airline carried more than 43 million passengers in 2025, underlining the scale it brings to the deal.

Expanding footprint in Central and Eastern Europe

Smartwings is the Czech Republic’s leading leisure carrier. Together with the Czech Airlines brand, it forms one of the longest-standing airline groups in Central and Eastern Europe. It operates flights to 80 destinations across 20 countries. 

The former national flag carrier, Czech Airlines carries particular heritage. Founded in 1923, it was the world’s fifth-oldest operating airline until it ceased operations in 2024 after filing for bankruptcy. Its inclusion in the deal gives the brand a second life under new ownership.

Why this deal is strategically important

The acquisition is signification for several reasons. For Pegasus, it provides an established based in a region where Smartwings already has a strong presence, particularly in the leisure market. Pegasus brings the international reach while Smartwings has the local market knowledge and customer loyalty.

It also reflects a wider trend of consolidation in European aviation, where rising costs, fleet pressures and intense competition are pushing carriers to seek scale. Combining fleets, orders and networks should help strengthen the group’s competitiveness, particuarlly against other low-cost and leisure operators. 

While Czech Airlines ceased operations in 2024, after declaring bankruptcy, the backing of Pegasus as a financially established, fast-growing carrier secures the future of two well-known brands and the jobs and routes that depend on them. 

For passengers, the tie-up offers a broader choice of destinations and potential new connections between Central Europe, Türkiye and beyond.

Business as usual for Smartwings

Smartwings will continue to operate under its two brands. Daily operations, customer relationships and service delivery will remain unchanged. However, the group will now be able to draw on new opportunities for innovation, development and talent.

Güliz Öztürk, CEO of Pegasus Airlines, said: “Our story began with a dream of a world where everyone can fly.” With the new deal now complete, the Turkish low-cost carrier can work alongside Smartwings 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,” Öztürk continued.

Jiří Šimáně, co-founder of Smartwings, also welcomed the agreement. “Pegasus Airlines is the right partner to build on these strengths, support future growth and create lasting value for everyone connected with both airlines,” he said. 

By combining their expertise, the two groups say they aim to build on what already works, strengthen competitiveness and explore opportunities for future growth.