Dentons and BASEAK advise Czech shareholders of Czech Airlines and Smartwings on cross-border sale to Pegasus Airlines

Prague-Global law firm Dentons and Balcioglu Selcuk Eymirlioglu Ardiyok Keki attorney partnership have advised the Czech shareholders of Czech Airlines and Smartwings on the sale of the entire group to Pegasus Airlines. The transaction was completed following receipt of all required regulatory approvals and fulfilment of the customary closing conditions.

Smartwings is one of the largest airlines in Central and Eastern Europe, operating in the Czech Republic, Slovakia, Poland and Hungary. The group also operates Czech Airlines, one of the world's oldest airline brands.

Pegasus Airlines is a Turkish-headquartered airline which serves more than 50 countries across Europe, Asia and North Africa.

The transaction, successfully completed on 1 October 2026, marks the beginning of a new era for Smartwings. By bringing together two established aviation businesses with complementary strengths, the transaction creates a strong platform for further growth in Europe and beyond.

The deal represents another significant milestone for Smartwings on which Dentons served as legal advisor. Dentons previously advised the airline on its successful restructuring and CZK 2 billion financing in 2021, as well as on the Czech shareholders' buyout of the former Chinese investor in early 2024.

Dentons played an instrumental role in the complex cross-border auction sale, which involved international bidders and spanned the Czech Republic, Slovakia, Hungary and Poland. The team advised on complex regulatory clearances, including several merger control proceedings, foreign direct investment screenings, and Foreign Subsidy Regulation. The team also assisted with aviation-specific regulatory matters and multijurisdictional transaction challenges, including transaction structuring and stakeholder negotiations, helping to deliver a successful sale in a highly regulated and time-sensitive sector.

Jiří Tomola, Of Counsel at Dentons, commented: "This was an exceptionally complex cross-border transaction, combining a competitive international auction process with demanding regulatory, aviation-specific, and transactional considerations across several jurisdictions. Its successful completion required close coordination among our teams and a clear focus on our client's strategic objectives throughout the process. We are proud to have supported the Czech shareholders in delivering this landmark transaction."

Prague-based of counsel Jiří Tomola and partner Petr Zákoucký led Dentons' cross-border legal team which included more than 50 lawyers across six offices.

The wider team comprised:

• Prague: Rob Irving and Pavel Boguský - both Partners; Lukáš Výmola, Jan Gerych, Tomáš Pavelka, Jana Málková Želechovská and Lukáš Poulík - all Counsels; Tomáš Jonáš, Robert Květoň, David Ulvr, Arne Delong - all Associates; Tomáš Syrový, Denisa Odendaal, Claudia Hasbun, Jiří Švejda, Petr Chytil, Martin Šupák - all Senior Associates; Dušan Korbel, Viktória Húšťová, Vanda Zaklaiová, Martin Hujer, Kryštof Vrtek, Tereza Iblová and Tereza Krejčová - all Junior Associates.
• Warsaw: Agnieszka Stefanowicz-Barańska, Partner; Marcin Paliwoda, Łukasz Zwiercan and Anna Gulinska - all Managing Counsels; Beata Błaż, Senior Associate; Maciej Marek, Counsel; Katarzyna Kozak, Senior Associate; Kamil Rogowski, Junior Associate.
• Bratislava: Jan Dulovič, Attorney at Law; Drahomír Široký, Senior Associate; Erik Kožúrik, Associate; David Duda, Kristína Kresťanková and Norbert Vizvari - all Junior Associates.
• Budapest: János Csáki and Tunde Gonczol - both Counsels; Zsofia Tihanyi and Viktoria Szell - both Junior Associates; Brigitta Kovács and Frantisek Ordódy - both Associates.
• Istanbul (BASEAK): Ali Can Goren, Partner; Bora Ikiler, Partner, of Balcıoğlu Selçuk Eymirlioğlu Ardıyok Keki Attorney Partnership; Zeynep Sengoren Ozcan, Counsel; Gülce Keskin and Furkan Kaya - both Associates.
• Berlin: Thomas Schubert, Partner and Co-Head of Corporate; Laura Döring, Associate.

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