Addleshaw Goddard (AG) has advised Pegasus Airlines on its agreement to acquire Czech Airlines, one of the world’s oldest airline brands and former national carrier of the Czech Republic, and its subsidiary Smartwings, the leading leisure carrier based in the Czech Republic. Pegasus Airlines is a leading low-cost carrier based in Türkiye, operating flights to 158 destinations across 55 countries.
The transaction, valued at €154 million (including both airlines and related receivables), marks a major step in Pegasus Airlines’ international growth, and aims to strengthen its presence in Europe and support continued global expansion. The acquisition will add Smartwings’ 47 aircraft to Pegasus Airlines’ existing fleet of 127, significantly increasing the group’s operational capacity. The transaction is subject to mandatory regulatory approvals, including from the European Commission, and other transfer conditions.
Addleshaw Goddard led the transaction, with Kinstellar providing Czech law advice.
Daniel Cousens (partner) and Michał Szperzyński (managing associate) from our Warsaw-based Turkish and CEE team led the transaction, with support from Christopher Quinn (counsel), Klaudia Śliwka (managing associate), Zuzanna Oldfield (managing associate), Wiktoria Burdzy (associate) and Justyna Tuleja (associate) from Warsaw corporate practice, Małgorzata Szwaj (partner), Wojciech Podlasin (managing associate), Barbara Wanat (managing associate), Filip Stawicki (managing associate), Yuliia Stepanyk (associate) and Aleksandra Kasprzak (junior associate) from Warsaw competition practice, as well as Zoe Fatchen (partner) and Pash Durkin (managing associate) representing London tax team.
This transaction further demonstrates the strength and reach of Addleshaw Goddard’s Warsaw-based Turkish and CEE practice, and our commitment to supporting clients’ strategic ambitions across these dynamic markets.
