Turkish low-cost carrier Pegasus Airlines will acquire Czech Airlines and its subsidiary Smartwings for EUR 154 million. The Turkish company announced the deal, noting that it plans to retain both brands.
„In 2005, Pegasus Airlines set itself an ambitious goal - to make air travel accessible to all. Having increased our fleet from 14 aircraft to 127, we have become one of the most efficient and profitable airlines in the world today. Now, by joining forces with Czech Airlines and Smartwings, whose fleets consist of 47 aircraft, we are opening a new chapter in our growth story“, the statement said.
The transaction includes the settlement of the Czech carriers' receivables. The purchase process will be completed after obtaining the necessary legal approvals and fulfilling the transfer conditions.
Pegasus Airlines began operations in 1990 and currently flies to 153 destinations, including 114 in 54 countries. It is based at Sabiha Gökçen International Airport on the Asian side of Istanbul.
Czech Airlines and Smartwings serve 80 destinations in 20 countries.