Pegasus Completes €142.3 Million Acquisition of Smartwings Group

Pegasus Airlines has completed its acquisition of Smartwings Group, giving the Turkish carrier full ownership of the Czech aviation group following receipt of regulatory approvals.

The €142.3 million transaction was completed on October 1 through Pegasus subsidiary Pegasus Europe B.V. and covers České aerolinie, Smartwings and their subsidiaries. The total transaction value includes receivables relating to debts owed by the acquired companies to their previous shareholders.

Pegasus acquired 70% of České aerolinie directly from Prague City Air, with the remaining 30% held indirectly through Smartwings, resulting in 100% ownership and voting control of the target group.

The acquisition was originally agreed in December 2025 through a share purchase agreement with Prague City Air and a separate receivables assignment agreement with Unimex Group. Completion was conditional on regulatory approvals in the Czech Republic, Turkiye and other countries in which Smartwings operates.

Pegasus paid for the acquisition in cash. The company said the transaction represents approximately 1.7% of its total assets and 4.2% of annual sales based on its latest disclosed financial statements.

Pegasus expects the acquisition to contribute to operational growth and have a positive impact on its consolidated balance sheet.