Turkish low-cost carrier Pegasus Airlines on Monday said it had agreed to buy the Czech airline Smartwings in a bid to strengthen its presence in Europe.

In a statement, Pegasus said the £154-million agreement ($180 million), which still needs the green light of regulators, would see the Czech Republic’s largest carrier retaining its own name.

“Together, we aim to spread our wings across Europe with two distinctive brands, Smartwings and Pegasus Airlines,” the Turkish carrier said.

“The strategic investment aims to strengthen the company’s presence in Europe and support its continued global expansion.”

Smartwings and its holding company, Czech Airlines, operate a fleet of 47 aircraft serving 80 destinations across 20 countries, it said.

It quoted the founders and shareholders as saying they had “made the strategic decision to transfer Czech Airlines and Smartwings to Pegasus Airlines — a strong European carrier with the potential and capability to further expand and strengthen the company’s operations.”

READ ALSO: Shell Nigeria Gas Expands Operations To Ogun

Smartwings has operated as a low-cost carrier for two decades, but traces its origins to a charter company called Travel Service.

Travel Service also acquired control of troubled flag carrier Czech Airlines in 2018, and it took on that name for the holding company. The final flight under Czech Airlines’ livery took place in 2024, with Smartwings taking over operations.

Pegasus Airlines was established in 1990 and operates 158 international routes to 55 countries, the statement said. It also flies to 38 destinations within Turkey, its website says.

Pegasus operates out of its primary hub at Istanbul’s Sabiha Gokcen airport on the Asian side of the city.

AFP