Pegasus inks deal to buy Czech Airlines, Smartwings

ISTANBUL

Türkiye’s low-cost carrier Pegasus has announced that it has agreed to buy Czech Airlines and Smartwings.

“We have concluded a share purchase agreement with Prague City Air and a receivables assignment agreement with Unimex Group for the acquisition of the entire equity stake in Czech companies České aerolinie a.s., Smartwings a.s. and its subsidiaries,” Pegasus said in a filing with Borsa Istanbul on Dec. 8.

The total consideration to be paid as part of the said agreements, including the receivables subject to assignment, is determined as 154 million euros, which may be subject to closing adjustment as per the terms of the share purchase agreement, the statement detailed.

“The completion of the said transaction is conditional upon obtaining the necessary administrative approvals in the Czech Republic and other countries where Smartwings Group operates and standard share transfer conditions,” it added.

Pegasus expects the completion to take place in 2026 following the receipt of the necessary approvals.

“Simultaneously with the approval of the agreements, our Board of Directors resolved on the incorporation of a new subsidiary in the Netherlands through which the share acquisition in the Smartwings Group will be implemented,” the statement said.