Turkish Pegasus Airlines Advances Expansion with Acquisition of Czech Airlines and Smartwings
Pegasus Airlines, based in Turkey, announced the signing of an agreement to acquire Czech Airlines (CSA) and its subsidiary Smartwings for 154 million euros, a figure that includes the debts of both companies. The operation was communicated via the KAP stock exchange platform in Istanbul and marks a key step in the group’s international growth strategy.
Scope of the Operation
According to the airline, the contract was signed with Prague City Air, the owner of the stakes in CSA, Smartwings, and their subsidiaries. The stated objective is to strengthen Pegasus’s position in the European market and support its global expansion.
The announcement had an immediate impact on the market: Pegasus shares rose 3% in Istanbul the same Monday.
Conditions for Closing the Agreement
The company detailed that the completion of the purchase will depend on the relevant authorizations in the Czech Republic and other countries where the Smartwings Group operates. The finalization of all procedures is projected for 2026, provided that regulators grant the necessary approvals.
Profile of Smartwings and CSA
Smartwings, considered the leading leisure airline based in the Czech Republic, holds an air operator certificate in Czechia, Slovakia, Poland, and Hungary. Its network covers 80 destinations in 20 countries.
The combined fleet of Smartwings and Czech Airlines consists of 47 aircraft, and Smartwings generated around 1 billion euros in revenue during 2024.
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Pegasus’s Weight in the Region
Pegasus operates 127 aircraft and connects 158 destinations in 55 countries. The integration of CSA and Smartwings promises to expand its reach and strengthen routes in high-demand segments within Central and Eastern Europe.
A Step That Redefines the Competitive Map
The operation, one of the most significant in recent European aviation, positions Pegasus as a more influential player in an increasingly integrated market. If approvals proceed as planned, the group will operate with a broader network and an increased fleet, which could boost its presence on new routes and strengthen its ability to compete against other airlines on the continent.
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