Pegasus Completes Smartwings Takeover for EUR 142.3 Million

Pegasus Airlines has completed its acquisition of the Czech carrier Smartwings, giving the Istanbul-based low-cost airline a platform in Central Europe and a combined fleet of more than 175 aircraft.

According to a stock exchange filing dated 1 October, the final consideration was EUR 142.3 million (about $160.5 million). That is below the EUR 154 million announced when the deal was signed in December 2025. The original agreement provided for a closing adjustment linked to receivables assigned by previous shareholders.

Deal structure and approvals

Pegasus completed the purchase through its wholly owned Dutch subsidiary, Pegasus Europe B.V. It now holds 100% of Ceske aerolinie, owning 70% directly and 30% indirectly through Smartwings. Approvals were obtained in Turkey, the Czech Republic and other countries where the group operates.

The Czech competition authority cleared the transaction in September, but with a condition: Pegasus must transfer some summer slots on the Prague Vaclav Havel Airport-Antalya route to another airline. Prague-Antalya is one of the busiest leisure links between the Czech Republic and Turkey, and the remedy is intended to preserve competition on it.

What Pegasus gets

Smartwings is the largest airline in the Czech Republic and owns the CSA Czech Airlines brand, which the group acquired in 2024. It operates subsidiaries in Poland, Hungary and Slovakia. Ch-aviation lists the group at 45 aircraft across four air operator certificates, including Airbus A220s and A320s alongside Boeing 737s. Other reports in the AeroTime coverage count 14 737 MAX 8s, 18 737-800s and four A220s in active service.

Pegasus itself operates 133 aircraft, predominantly Airbus A320 Family jets with some Boeing 737-800s, and has about 137 more on order. The airline reaches 161 destinations in 57 countries, while Smartwings adds around 80 destinations in 20 countries with a Central and Eastern European focus. Together the fleets exceed 175 aircraft, with roughly 140 outstanding orders.

Brands stay separate

Smartwings said it will continue day-to-day operations under both the Smartwings and CSA Czech Airlines brands. Pegasus chief executive Guliz Ozturk said the companies could “grow further and offer our guests more choice than any of us could alone.”

Keeping the identities intact is a common approach in airline consolidation, particularly when a brand has a strong domestic following. CSA Czech Airlines carries historic recognition in the Czech market, and Smartwings has built its leisure and scheduled network around Prague.

Why it matters

The transaction gives a Turkish carrier outright ownership of an EU airline, rather than a partnership or codeshare. It follows a period in which European leisure and low-cost carriers have faced fuel cost pressure and thin margins, and where smaller operators have struggled; Spain’s Volotea filed for pre-insolvency protection on 29 September.

For lessors and manufacturers, the deal adds scale to a combined Boeing 737 MAX and Airbus order book, and it could influence future fleet decisions as Pegasus decides how to align two mixed fleets. The Czech slot remedy, meanwhile, shows regulators will continue to scrutinise cross-border airline deals on specific routes even where the overall market is competitive.