Pegasus Airlines has announced a major move in its international expansion strategy with an agreement to acquire Czech Airlines, one of the world’s oldest airline brands, along with its parent company Smartwings, the leading leisure carrier in the Czech Republic. The total transaction value is €154 million, covering both airlines and associated receivables.

The acquisition remains subject to mandatory regulatory approvals and additional transfer conditions before completion. If finalised, the deal will significantly strengthen Pegasus Airlines’ presence in Europe and broaden its global reach.

Pegasus Airlines, founded in 1990, has built its reputation on a low-cost model that has made air travel accessible across its growing network. Over the past two decades, the carrier has expanded its fleet from 14 to 127 aircraft and now serves 158 destinations in 55 countries, operating one of the youngest and most fuel-efficient fleets in the world.

Smartwings, the largest airline group in the Czech Republic, operates under both the Smartwings and Czech Airlines brands. Together, they serve around 80 destinations in 20 countries and play a central role in the region’s leisure travel sector, supported by strong partnerships with tour operators.

Güliz Öztürk, CEO of Pegasus Airlines, described the acquisition as a new chapter in the company’s growth story. “At Pegasus Airlines, we set out in 2005 with a bold ambition – to make air travel accessible to everyone,” she said. “Since then, we’ve expanded our fleet from 14 to 127 aircraft, becoming one of the world’s most efficient and profitable airlines. Now, by joining forces with Czech Airlines and Smartwings, which have a combined fleet size of 47, we’re opening a new chapter in our growth journey.”

Öztürk said the companies share a common vision for a more connected and competitive European aviation market. “This integration is not just about growth, but about creating resilient, technology-driven companies that put safety at the heart of operations and are prepared to meet the future to deliver easy, personalised and efficient travel experiences.”

She added that the partnership reinforces Pegasus Airlines’ aim to continue expanding globally. “Together with Czech Airlines and Smartwings, we have a shared vision: as Pegasus Airlines and Smartwings operating under two distinct brands, we will continue spreading our wings across the world.”