Pegasus commits to $179 million takeover of Smartwings, LOT interest ends

Turkish carrier Pegasus Airlines has launched a $179 million (€154 million) takeover of Czech carrier Smartwings, subject to regulatory approval.

On December 8, 2025, Pegasus announced that it taken a “major step toward its international growth goals” with an agreement to purchase Czech Airlines and its subsidiary Smartwings.

In 2024, Czech Airlines was absorbed into the Smartwings Group and ceased operating under its famous ‘OK’ code but was repurposed as a holding company.

In November 2025, the Polish flag carrier LOT appeared to be nearing the acquisition of Smartwings, the largest airline in the Czech Republic, but those attempts have now ultimately failed.

“At Pegasus Airlines, we set out in 2005 with a bold ambition – to make air travel accessible to everyone. Since then, we’ve expanded our fleet from 14 to 127 aircraft, becoming one of the world’s most efficient and profitable airlines,” said Pegasus Airlines CEO Güliz Öztürk.

A new chapter takes off!Pegasus Airlines has signed an agreement to acquire Smartwings, and its shareholder Czech Airlines, of the Czech Republic – an exciting and momentous step forward in our continued global growth journey.Together, we will offer our guests access to more… pic.twitter.com/OZ1DD9CqcR— Pegasus Airlines (@flymepegasus) December 8, 2025 He added: “Now, by joining forces with Czech Airlines and Smartwings, which have a combined fleet size of 47, we’re opening a new chapter in our growth journey.”

The total transaction value of €154 million includes both Smartwings and Czech Airlines and related receivables.

Regulatory approval required

“The completion of the transaction is conditional upon obtaining the mandatory regulatory approvals and other transfer conditions,” said a spokesperson for Pegasus. “The strategic investment aims to strengthen the company’s presence in Europe and support its continued global expansion.”

According to Pegasus, the shareholders of Czech Airlines and founders of Smartwings felt the time was right to transfer ownership of the companies.

“We take great pride in having successfully established and grown Czech Airlines and Smartwings with limited financial resources and without the external support that most airlines typically receive from their respective governments,” said shareholder of Czech Airlines and co-founder of Smartwings, Jiří Šimáně.

He added: “We are confident that Pegasus Airlines represents the ideal shareholder for Czech Airlines and Smartwings, one that will bring millions of passengers across its network new benefits, enhanced connectivity, and a continued joy of travel.”

Established in 1990, Pegasus Airlines operates flights to 158 destinations across 55 countries. Smartwings and Czech Airlines hold a network of 80 destinations in 20 countries.

“A shared vision has emerged with Czech Airlines and Smartwings management: together, we aim to spread our wings across Europe with two distinctive brands, Smartwings and Pegasus Airlines,” said Šimáně.

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