A major shift in Central European aviation is underway as Turkey’s Pegasus Airlines begins the formal process to acquire Czech carriers ČSA and Smartwings.

The announcement appeared first in a statement from Smartwings spokeswoman Vladimíra Dufková, confirming that negotiations between the parties have progressed to a structured sale procedure.

According to Dufková, Prague City Air – the shareholder behind ČSA – reached an agreement with Pegasus to enter a sale process that will culminate in the full transfer of ČSA shares.

The timeline depends on clearances from aviation regulators and other required approvals, which the parties expect to resolve within the coming year. Because ČSA owns all Smartwings shares, both carriers would be transferred together under the same transaction.

Pegasus later posted a brief note on the X platform stating it had signed an acquisition agreement involving both Smartwings and ČSA.

No financial details appeared in the announcement itself, yet Turkish media widely reported that the binding deal is valued at 154 million euros, roughly 3.8 billion CZK. The final amount may be adjusted once the transaction undergoes regulatory review and is fully finalized.

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To execute the acquisition, Pegasus has already approved the creation of a new subsidiary in the Netherlands, which will handle the transfer of shares and oversee the integration process. Turkish outlet Türkiye Today reported that Pegasus expects the deal to be completed no later than 2026, provided all conditions are met.

Pegasus CEO Guliz Oztürk said the two companies would continue to operate as separate brands but with shared long-term goals. “Smartwings and Pegasus will continue to grow with a common vision,” she said.

Interest from abroad is not new. Earlier this year, several Polish outlets reported that LOT Polish Airlines was exploring a possible acquisition of Smartwings, though negotiations did not advance.

Smartwings, formerly Travel Service, has been active for 28 years and remains the largest Czech airline, operating a fleet of 49 aircraft. Its network includes scheduled routes to around 80 destinations, along with charter and private flights.

Pegasus, based in Istanbul since its founding in 1990, has a fleet of 124 aircraft and has placed large orders with Boeing and Airbus as it expands across Europe, the Middle East, North Africa, and Asia. Both carriers are members of the International Air Transport Association (IATA).

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