Pegasus, a leading European low-cost carrier has entered into an agreement to acquire Czech Airlines, the holding company of Smartwings, operating charter and scheduled flights from its hub in Prague and the wider CEE region. This landmark transaction, valued at EUR 154 million, supports the strategy of Pegasus to extend its network beyond the destinations it currently serves.
Details of the transaction
Pegasus Airlines
Pegasus is a leading low-cost airline based in Türkiye, operating a fleet of 127 aircraft on scheduled flights across 158 destinations across 55 countries in Europe, Middle East, North Africa and Asia from their main hub in Istanbul, the Sabiha Gökçen International Airport. With one of the youngest fleets among airlines globally, Pegasus served nearly 40 million passengers in 2024.
The acquisition of Smartwings and Czech Airlines is an integral part of strategy of Pegasus to expand their operational footprint and support global expansion.
Czech Airlines (Smartwings)
Czech Airlines (CSA) was the fifth oldest airline in the world and the national airline of the Czech Republic. Following a financial and corporate restructuring completed in 2024, it became a holding company of the Smartwings group, including subsidiaries in Poland, Slovakia and Hungary.
Smartwings primarily focuses on B2B chartered flights for tour operators from the CEE region to popular summer destinations in Europe and MENA, complemented by scheduled flights from its home base of Vaclav Havel Airport Prague, and ACMI leasing of aircraft. In 2024, Smartwings served nearly 5 million passengers using their fleet of 47 aircraft.
KPMG Role
KPMG in Slovakia, KPMG Czech Republic, KPMG Poland, KPMG Hungary and KPMG Germany provided financial and tax due diligence, IFRS related accounting advisory and SPA assistance to Pegasus Airlines on the acquisition of Czech Airlines and Smartwings.
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