Turkish airline Pegasus Airlines has signed a binding agreement for 154 million euros (3.8 billion crowns) to buy Smartwings, owned by Czech Airlines. The Türkiye Today website reports this. Pegasus announced on the X network, without further details, that it had signed an agreement to take over Smartwings and its shareholder Czech Airlines. Neither party officially announced the price of the transaction. Polish media reported that the last-minute deal dashed the hopes of local airline LOT.
According to Türkiye Today, the agreement was signed by Prague City Air s.r.o., the seller, and Unimex Group, a.s., the assignee of its receivables. The agreement covers the entire share capital, including the equity of the Smartwings Group and assumed shareholder debts.
The statement states that the price may still change based on the conditions defined in the agreement. Pegasus expects the transaction to close in 2026. It still needs to be approved by authorities in the Czech Republic and other countries where Smartwings operates.
Strong foreign owners have already acquired, for example, ČGS Holding and Hamé
Sales process begins, Smartwings informs
“Prague City Air announces that it has agreed with Pegasus to begin a sales process consisting of the sale of ČSA, which is to be completed by the transfer of ČSA shares after obtaining the necessary approvals from regulators and other third parties and fulfilling other conditions precedent within the next twelve months. ČSA owns one hundred percent of Smartwings shares,” said Smartwings spokesperson Vladimíra Dufková on Monday. Prague City Air is owned by entrepreneurs Jiří Šimáně and Roman Vik.
Pegasus CEO Güliz Öztürková said that the acquisition opens a new growth chapter for her company. She emphasized that the goal is not only to expand operations, but also to build a robust structure focused on flight safety, efficiency, technology and passenger experience. “Now, with the combined fleet of Czech Airlines and Smartwings, we are entering the next phase of our journey,” said Oztürková. “The two distinct brands – Smartwings and Pegasus – will continue to spread their wings globally with a shared vision,” she added.
Polish carrier “scratched” at the last minute, local media write
Polish media previously reported, citing their sources, that Polish carrier LOT is negotiating a takeover of Smartwings airlines. After information about the probable takeover of Smartwings by Turkish company Pegasus, they stated that LOT lost the race for the Czech company in the home stretch. According to them, a ceremonial announcement of the planned acquisition was planned for Monday.
The Rzeczpospolita newspaper claims that representatives of Polish airlines have already been in Prague, however, the Turkish company allegedly used the method of “traditional Middle Eastern business” and at the last minute threw in money and provided various guarantees for Smartwings and the Czech market.
ČT correspondent in Poland Jan Řápek described the local reaction to the unfinished transaction between Smartwings and LOT as disappointing. “The analysts we spoke to see this as a loss for both the Polish transport company and, to a certain extent, for Prague. They say that if LOT were to buy Smartwings, it would be good for both the Polish and Central European aviation industries. According to the Poles, a major player in the aviation sector would be created. LOT would suddenly have over a hundred different aircraft,” he informed. He added that, according to some opinions, excessive Polish bureaucracy also partly prevented a successful deal.
LOT boss Michal Fijol declined to comment on the matter.
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Representatives of industry and transport expect a positive impact
The sale of Smartwings to Turkish low-cost airline Pegasus Airlines may have a positive impact on the Czech aviation industry, according to Jiří Protiva, president of the Association of the Aerospace Industry (ALKP). According to Josef Trejbal, director of the travel portal Letuška.cz, and Petr Škoda, CEO of the logistics company JUSDA Europe, the sale of Smartwings could mean a wider network of destinations and more stable services for passengers.
Smartwings has been operating on the market for twenty-eight years, previously under the name Travel Service. With forty-nine aircraft, it is the largest Czech airline belonging to the Smartwings Group. The company operates scheduled flights to eighty destinations, charter flights and private flights.
Pegasus Airlines, headquartered in Istanbul, was founded in 1990. The company now operates 124 aircraft and this year ordered one hundred Boeing 737 MAX-10 aircraft with an option for another hundred aircraft of the same type and 36 Airbus A321neo. The Pegasus network includes 155 destinations in 54 countries, including 38 domestic in Turkey and 117 international routes. It flies to Europe, the Middle East, North Africa and Asia. Both Pegasus and Smartwings are members of the International Air Transport Association (IATA).
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