Smartwings's takeover by LOT collapsed in the final moments

Just a day before the official announcement was held, Smartwings owner Jiří Šimáně arrived at the scheduled meeting and, instead of signing the documents, informed the Polish delegation that he had accepted a higher offer.

At the end Turkish low-cost carrier Pegasus Airlines has agreed to purchase Smartwings in a deal valued at €154 million.The binding agreement was signed with Prague City Air and Ounimex Group, the current stakeholders. The transaction covers 100% of Smartwings’ share capital, including the transfer of associated shareholder debt.

Pegasus said the final price could be adjusted depending on conditions set out in the contract. LOT Polish Airlines had previously been in advanced talks to acquire thre airline.

Smartwings, long associated with the Czech Airlines (CSA) brand, is one of the largest carriers in Central Europe, operating both scheduled and charter services.

Further details of the acquisition and its regulatory approval process are expected in due course.