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Summary for: Turkey's Pegasus Airlines completes takeover of Czech AirlinesTurkish low-cost carrier Pegasus Airlines has completed its takeover of Czech Airlines (ČSA) and the Smartwings group following approval from competition regulators.
The transaction, previously valued at EUR 154 million, or approximately CZK 3.8 billion, brings more than 175 aircraft under one owner. The combined companies also have confirmed orders for another 140 planes.
Smartwings said passengers should not expect immediate changes to its services. The airline will continue operating under its existing name while retaining its customer relationships and everyday operations.
Competition authority imposed Prague route condition
The acquisition closed after Pegasus received all required regulatory approvals, Smartwings spokesperson Vladimíra Dufková said Thursday.
The Czech Office for the Protection of Competition approved the deal in September on the condition that Pegasus surrender some of its summer takeoff and landing slots on the Prague–Antalya route to another airline.
The requirement is intended to preserve competition on the popular connection between Czechia and Turkey.
“Smartwings will continue operating under its established brand while retaining its daily operational activities, customer relationships, and provision of services,” Dufková said.
Pegasus Airlines CEO Güliz Öztürk said the acquisition would allow the carriers to expand and offer passengers more options than either company could provide independently.
Smartwings co-founder Jiří Šimáně described Pegasus as a partner capable of supporting the Czech carrier’s future growth and creating long-term value for those connected with the company.
Takeover closes another chapter in ČSA’s history
Smartwings, formerly known as Travel Service, has operated for 28 years and is currently Czechia’s largest airline. It serves around 80 destinations in 20 countries and also operates charter and private flights.
ČSA owns 100 percent of Smartwings. The historic Czech flag carrier changed its business model in October 2024 and became the management company of the Smartwings group.
Founded in 1923 as Czechoslovak State Airlines, ČSA was among the world’s oldest surviving airline brands. It stopped operating flights under its own OK code in 2024 following years of financial difficulties and restructuring.
ČSA entered insolvency proceedings in March 2021 after the coronavirus pandemic and associated travel restrictions deepened its existing financial problems. Its ownership had previously included Korean Air and, indirectly, Chinese investment group CITIC.
Smartwings returned fully to Czech ownership in 2024 after Prague City Air, controlled by entrepreneurs Šimáně and Roman Vik, purchased the remaining Chinese-held stake.
Pegasus was founded in Istanbul in 1990 and adopted a low-cost business model after its acquisition by ESAS Holding in 2005. It currently operates flights to 161 destinations across 57 countries.
The takeover gives Pegasus a substantial Central European platform while allowing the Smartwings name to remain visible at Czech airports.
