By Bosphorus News Life Desk
On October 1, 2026, Türkiye's Pegasus Airlines completed its acquisition of Czech Airlines and the Smartwings Group after receiving the required regulatory approvals and completing the closing process. The enlarged group now has a combined fleet of more than 175 aircraft and 140 firm aircraft orders.
Pegasus first announced the transaction in December 2025 at a value of €154 million, including the companies and related receivables. The closing disclosure put the final transaction value at €142.29 million, including receivables assigned from previous shareholders. Pegasus acquired 100% of Czech Airlines, directly and indirectly through Smartwings.
The deal gives Pegasus an established Central European airline platform alongside its network centered on Istanbul Sabiha Gökçen Airport. Pegasus now flies to 161 destinations in 57 countries, while Smartwings Group operates a network of 80 destinations across 20 countries.
Smartwings Keeps Its Brand and Daily Operations
Smartwings will continue operating under its established brand after the ownership change, maintaining its day-to-day operations, customer relationships and service delivery. The companies said the acquisition is intended to combine Pegasus' low-cost network and operating model with Smartwings' position in the Central and Eastern European leisure market.
That structure leaves Smartwings commercially visible rather than immediately folding it into the Pegasus brand. Czech Airlines remains part of the acquired group alongside Smartwings.
The two airline businesses together operate more than 175 aircraft. Their existing firm orders cover another 140 aircraft, giving the combined group a substantial delivery pipeline.
Czech Regulator Imposed Prague-Antalya Conditions
The transaction required competition clearance in the Czech Republic, where the Office for the Protection of Competition identified the Prague-Antalya scheduled route as the main overlap between Pegasus and Smartwings.
The regulator found that the combined group could reach a market share of roughly 65% to 75% on the route during the summer season. It approved the acquisition only after Pegasus offered remedies aimed at preserving competition.
Those commitments include offering Pegasus' Prague-Antalya slots to potential competitors. If a transfer cannot be completed, Pegasus must give up the relevant slots.
Pegasus also committed not to operate scheduled Prague-Antalya flights during the 2027, 2028 and 2029 IATA summer seasons. Smartwings may continue operating the route but cannot exceed the 17 frequencies allocated for summer 2026, and neither group may seek additional scheduled frequencies above the 2026 allocation during those three seasons.
Pegasus Adds a Central European Platform
The acquisition moves Pegasus beyond network expansion through new routes and codeshares into direct ownership of an established Central European airline group.
Smartwings brings a large leisure and charter business, long-standing tour operator relationships and an existing operating base in Prague. Pegasus brings a wider scheduled network, a low-cost business model and a large fleet-order pipeline.
The October 1 closing turns the agreement announced in December 2025 into completed ownership, while leaving Smartwings' brand and daily operations in place. Pegasus now controls an airline group spanning Türkiye and Central Europe with more than 175 aircraft in service and 140 additional aircraft already on firm order.
Sources: Pegasus Airlines, Smartwings, Pegasus Airlines KAP disclosure, Czech Office for the Protection of Competition, Bosphorus News review and reporting.