Turkey’s Pegasus Airlines will take full control of Czech Airlines and Smartwings in $179 million deal
December 8, 2025
Turkish low-cost carrier Pegasus Airlines has been named the new owner of Czech Airlines and its subsidiary Smartwings.
The announcement, made on 8 December, comes a day after it was revealed that LOT Polish Airlines, which had been the expected winner to take control of the airline, had been unsuccessful with its bid.
The €154 million transaction, subject to regulatory approval and other conditions, marks Pegasus’ most ambitious step yet toward becoming a broader pan-European player.
Pegasus Airlines wins contest for Czech Airlines and Smartwings
Pegasus said the investment will strengthen its position in key European markets and support its wider global expansion plans.
Established in 1990, Pegasus is now Turkey’s largest low-cost airline, operating 118 Airbus A320 family aircraft and nine Boeing 737-800s, and serving 158 destinations in 55 countries. It also holds an order for up to 200 Boeing 737 MAX 10 aircraft placed in 2024.
Czech Airlines ceased using its own brand in 2024, with much of its operation consolidated under Smartwings, which now functions effectively as the Czech Republic’s national airline. Smartwings operates 45 Airbus A320 and Boeing 737 family aircraft on a network of 80 destinations across 20 countries.
Pegasus currently flies to 158 destinations across 55 countries with its fleet of 118 Airbus A320 family aircraft supplemented by nine Boeing 737-800s. Additionally, the airline placed an order for up to 200 Boeing 737 MAX 10s in December 2024.
The fleets of Smartwings / Czech Airlines and Pegasus
| Aircraft type | Czech Airlines / Smartwings | Pegasus Airlines | Combined fleet |
|---|---|---|---|
| Airbus A220-300 | 4 | 0 | 4 |
| Airbus A320-200 | 2 | 6 | 8 |
| Airbus A320neo | 0 | 46 | 46 |
| Airbus A321neo | 0 | 66 | 66 |
| Boeing 737-800 | 24 | 9 | 33 |
| Boeing 737-900ER | 2 | 0 | 2 |
| Boeing 737 MAX 8 | 13 | 0 | 13 |
| Total fleet | 45 | 127 | 172 |
According to data from planespotters.net
Pegasus believes that combining its young, fuel-efficient fleet with Smartwings’ established European footprint will unlock significant network synergies, offering passengers more destinations, improved connectivity between Turkey and Central Europe, and greater combined fleet capacity.
Parties to remain separate but draw on synergies
Pegasus has confirmed that Czech Airlines and Smartwings will retain their individual identities, but the airlines will integrate operations where beneficial. This will include shared expertise, streamlined resource use, and enhancements to ticketing, customer service, and loyalty programmes.
“With this acquisition, Pegasus Airlines aims to combine the experience and resources of both carriers to create an organisation ready for the future,” the airline said in a statement. “Following the acquisition, both airlines will draw on their shared expertise and build on each other’s strengths.”
CEO Güliz Öztürk framed the deal as a natural extension of Pegasus’ rapid fleet and network growth since 2005. “Now, by joining forces with Czech Airlines and Smartwings, we’re opening a new chapter in our growth journey,” she said, emphasising a shared ambition to build “resilient, technology-driven companies” offering efficient, personalised travel across Europe.
Smartwings co-founder and Czech Airlines shareholder Jiří Šimáně praised the deal, highlighting the group’s ability to operate without the state support many national carriers rely on. “We are confident that Pegasus Airlines represents the ideal shareholder,” he said, noting expected benefits in connectivity and customer experience.
The move marks a major turning point for the Czech airline sector, which has been in search of a long-term, stable owner. As recently as last week, LOT Polish Airlines was believed to be the frontrunner, until its bid collapsed unexpectedly during the final stages. Germany’s Discover Airlines and Lufthansa–Turkish Airlines joint venture SunExpress had also been linked to the process.
What’s next for Pegasus Airlines
Pegasus’s successful bid will be viewed as a bold, strategic entry into Central Europe, positioning the Turkish carrier to benefit from tourism flows, expanded transit traffic, and a more diverse pan-European network.
The move may also spark renewed competitive pressure among Europe’s low-cost carriers, particularly in markets where Smartwings has an entrenched presence.
The acquisition now awaits regulatory sign-off. Once completed, Pegasus will step into the role of steward for one of Europe’s oldest national carriers, reshaping the competitive landscape for Central and Eastern European aviation.
Featured image: Ian Gratton / Wikimedia Commons
