Turkish low-cost carrier Pegasus Airlines has signed an agreement to acquire Smartwings, the largest airline in the Czech Republic, along with its parent company Czech Airlines, for €154m. The transaction, which covers the entire equity stake and assumed shareholder debts, marks the end of a competitive bidding process that drew interest from several European operators.
Pegasus, which operates flights to 153 destinations across 54 countries, stated the acquisition supports its expansion in Central Europe. The carrier plans to integrate Smartwings’ fleet of 42 aircraft, serving 40 international routes from hubs in Prague, Bratislava, Budapest and Warsaw, into its network. Completion of the deal requires approval from regulatory authorities and third parties, with transfer of ownership expected within 12 months.
Polish flag carrier LOT Polish Airlines led negotiations until the weekend, when Pegasus submitted a higher bid of €10m more than LOT’s offer. Polish media reported the government prepared a press conference to announce the LOT deal, but sources confirmed the Turkish bid prevailed. LOT, which aimed to bolster its presence in the region ahead of Poland’s new central airport project, declined to comment on the outcome.
Other interested parties included SunExpress, a joint venture between Lufthansa and Turkish Airlines, and Discover Airlines, both viewed as unlikely to gain EU competition clearance due to ownership links with Lufthansa. Eurowings, another Lufthansa subsidiary, also expressed prior interest but withdrew from the process earlier.
Smartwings, founded in 1997 as part of tour operator Travel Service, operates scheduled, charter and private flights to 80 destinations with nearly 50 aircraft. It operated services to Dublin from Prague in 2005-5 and from Dublin to Lanzaroet in 2022. The group includes subsidiaries in Poland, Slovakia and Hungary. Ownership returned to full Czech control last year after financial restructuring, with founder Roman Šimánek seeking a buyer since 2022.
Pegasus chief executive officer Güliz Öztürk said the move provides access to new markets and enhances connectivity for passengers. Smartwings spokesperson Vladimíra Dufková confirmed the sale process initiation and anticipated closure timeline.
The acquisition follows a period of consolidation in European aviation, with carriers seeking to expand route networks amid rising demand. Passenger traffic in Central Europe grew steadily in 2025, prompting airlines to pursue strategic partnerships.
