Pegasus Airlines announced on Monday the signing of an agreement to acquire Czech Airlines (CSA) and its subsidiary, Smartwings, in a transaction valued at 154 million euros.

This strategic investment aims to expand the Turkish operator internationally, thereby strengthening its presence in Europe and supporting global expansion. The agreement, concluded with Prague City Air, involves the acquisition of stakes in CSA, Smartwings, and other subsidiaries of the Czech group. Pegasus shares rose by 3% on the Istanbul stock exchange, and the completion of the transaction depends on approvals from the authorities in the Czech Republic and other countries where Smartwings operates, with closure expected in 2026.

Smartwings, the main charter airline in the Czech Republic, has a network of 80 destinations and generated approximately 1 billion euros in revenue in 2024.