Turkish low-cost airline to acquire Czech Smartwings in €154-million deal

Turkish low-cost carrier Pegasus Airlines has announced an agreement to acquire the Czech Republic’s largest airline, Smartwings, along with its parent company Czech Airlines, in a deal worth €154 million (roughly $180 million), eKathimerini.com reports.

Pegasus described the purchase as an important step in its global business expansion strategy. The transfer of ownership of Czech Airlines is expected to be completed within 12 months.

Smartwings operates scheduled, charter, and private flights to approximately 80 destinations, with a fleet of nearly 50 aircraft. The company had previously been eyed by Polish carrier LOT, but that deal fell through after Pegasus submitted a competing offer.

Founded in 1990, Pegasus Airlines operates flights to 153 destinations across 54 countries worldwide.

By Khagan Isayev