Pegasus Airlines has announced that it has signed an agreement to acquire Smartwings and its parent company ČSA, marking a potential major change in the Czech aviation market. According to Turkish media, the deal values Smartwings at around €154 million (approximately CZK 3.8 billion), although neither party has officially confirmed the purchase price.

Under the agreement, Prague City Air, the owner of ČSA, has initiated the sale process with Pegasus, with the transfer of shares expected within the next twelve months, subject to regulatory and contractual conditions. The transaction reportedly covers 100 per cent of the shares in ČSA and Smartwings, including group equity and assumed shareholder debts.

Polish state-owned airline LOT was also interested in acquiring Smartwings but was reportedly outbid shortly before the deal was finalised, after Pegasus allegedly offered around €40 million more. Smartwings, operating for 28 years and managing a fleet of 49 aircraft, is the largest Czech airline, serving around 80 destinations. Pegasus Airlines, based in Istanbul, operates 124 aircraft and has ambitious expansion plans, underlining its strategy to strengthen its presence across Europe and beyond.

Source: PragueDaily

Prepared by the team of foreign offices CzechTrade Osaka and Tokyo