Türkiye’s Pegasus Airlines announced on Monday that it has signed an agreement to acquire Smartwings, the largest Czech airline, along with its owner, Czech Airlines, from Prague City Air.
The deal, valued at €154 million (nearly $180 million), was described by Pegasus as a “step forward in our continued global growth journey,” News.Az reports, citing AP.
Smartwings spokeswoman Vladimíra Dufková stated that the ownership transfer is expected to be completed within 12 months.
Smartwings operates regular, charter, and private flights to approximately 80 destinations with nearly 50 aircraft. The airline had previously negotiated a takeover by Polish national carrier LOT, but the deal fell through after Pegasus submitted a rival bid over the weekend.
Pegasus, a low-cost carrier founded in 1990, operates flights to 153 destinations in 54 countries.