ISTANBUL

Turkish air carrier Pegasus concluded an agreement for the acquisition of the entire equity stake in Czech Airlines, Smartwings, and its subsidiaries.

Pegasus reached a deal with Prague City Air s.r.o. and a Receivables Assignment Agreement with Unimex Group for the acquisition, it stated on Monday.

"The total consideration to be paid as part of the said agreements, including the receivables subject to assignment, is determined as EUR 154 million; which may be subject to closing adjustment as per the terms of the Share Purchase Agreement," it said.

Pegasus said 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.

"We expect completion to take place in 2026 following the receipt of the necessary approvals," it added.

Pegasus also said in a post on US social media company X: "Together, we will offer our guests access to more destinations with affordable fares while delivering a seamless, technology-driven and more personalised travel experience.

"By joining forces, we will create more choice and open new horizons to the joy of travel."