Istanbul: Turkish air carrier Pegasus has successfully concluded an agreement to acquire the entire equity stake in Czech Airlines, Smartwings, and its subsidiaries. This strategic move marks a significant expansion for Pegasus in the European aviation market.

According to Anadolu Agency, Pegasus reached a deal with Prague City Air s.r.o. and executed a Receivables Assignment Agreement with Unimex Group for the acquisition. The total consideration for the agreements, including the receivables subject to assignment, has been set at EUR 154 million, with potential adjustments depending on the terms of the Share Purchase Agreement.

Pegasus disclosed that the completion of this transaction is contingent on obtaining the necessary administrative approvals in the Czech Republic and other countries where the Smartwings Group operates, alongside standard share transfer conditions. The company anticipates that the deal will be finalized in 2026, following the receipt of these approvals.

In a statement on the US social media platform X, Pegasus highlighted that the acquisition would enable it to offer its guests access to more destinations at affordable fares while providing a seamless, technology-driven, and more personalized travel experience.