Pegasus Airlines has signed an agreement to acquire Czech Airlines and its subsidiary Smartwings for €154 million, aiming to enhance its international growth and operational synergy.

Target Information

Pegasus Airlines has signed an agreement to acquire Czech Airlines, one of the world's oldest airline brands, and its subsidiary Smartwings. This strategic investment marks a significant step towards Pegasus' international growth ambitions, with a total transaction value set at €154 million, inclusive of both companies' debts. The completion of the acquisition will proceed following the necessary legal approvals and the fulfillment of other transfer conditions.

Founded in 1990, Pegasus Airlines has facilitated travel access for millions under a low-cost airline model for the past twenty years. Currently, the airline operates flights to 158 destinations across 55 countries while boasting one of the youngest and most fuel-efficient fleets in the world. Smartwings, on the other hand, is the largest airline in the Czech Republic and one of the prominent airline groups in Central and Eastern Europe, featuring a flight network to 80 destinations across 20 countries, strong partnerships with tour operators, and a solid position in the regional tourist travel market.

Industry Overview in the Czech Republic

The airline industry in the Czech Republic has demonstrated resilience and adaptability over the years, reflecting broader trends in global aviation. With a particular emphasis on low-cost carriers, the market has evolved to meet risi