Who owns CESKE AEROLINIE?

CESKE AEROLINIE has been 100% owned by PEGASUS AIRLINE since December 2025.

At what enterprise value was CESKE AEROLINIE acquired in 2025?

During the acquisition of CESKE AEROLINIE by PEGASUS AIRLINE in 2025, the transaction's Enterprise Value is estimated to be in the range of €100–350M.

What was the EV/EBITDA of CESKE AEROLINIE when it was acquired by PEGASUS AIRLINE?

The estimated EV/EBITDA multiple for CESKE AEROLINIE is in the range of 5x - 12x.

What was the EV/Revenue multiple of CESKE AEROLINIE when it was acquired by PEGASUS AIRLINE?

The estimated EV/Revenue multiple for CESKE AEROLINIE is in the range of 1x - 3x.

When was CESKE AEROLINIE acquired by PEGASUS AIRLINE?

CESKE AEROLINIE was acquired by PEGASUS AIRLINE in 2025.

What was the revenue of CESKE AEROLINIE at the time of the deal?

The revenue of CESKE AEROLINIE at the time of the deal is estimated to be in the range of €50–100M.

What was the EBITDA of CESKE AEROLINIE during the acquisition?

CESKE AEROLINIE's EBITDA is estimated to be in the range of €5–25M.

How is the data for the CESKE AEROLINIE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the CESKE AEROLINIE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.flypgs.com/en/press-room/press-releases/pegasus-airlines-signs-agreement-to-acquire-czech-airlines-and-its-subsidiary-smartwings

What is the average EV/EBITDA multiple for the Business Services sector in 2026?

The average EV/EBITDA multiple for the Business Services sector in 2026 is 11.4x.

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Home Database Business ServicesCESKE AEROLINIE

12/2025

CESKE AEROLINIE acquired by PEGASUS AIRLINE

CZECH REPUBLIC Transport & Logistics / Passenger Transport / Airlines EV €100–350M

Context

Deal Description: The group has finalized a definitive agreement to acquire the target in a move designed to fundamentally transform its European network density. The strategic rationale for this transaction centers on a "market-unification" play, merging the target's industry-leading technical operational depth in the Czech leisure market with the group’s established global low-cost infrastructure. This structural alignment provides the organization with the scientific talent and logistical hardware (specifically an additional 47 aircraft) required to address the increasing demand for affordable cross-border travel in the CEE region. This operation allows the group to execute a definitive structural expansion of its destination portfolio, particularly targeting the robust tour operator networks in Prague.

CESKE AEROLINIE, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Business Services sector (11.4x).

-> Deep-dive in Business Services market trends

Target

Czech Airlines & Smartwings is a Czech Republic company specialized in Leisure & Low-Cost Carrier (LCC). The group has carved out a distinct space in the European skies by bridging the gap between historical flag-carrier prestige and modern, high-efficiency leisure flight operations. Instead of focusing solely on point-to-point transit, they thrive on a service-first philosophy that deepens relationships with global tour operators, ensuring a steady flow of passengers to 80 destinations across 20 countries. What makes them a go-to partner in Central Europe is their knack for localized operational excellence and a dual-brand strategy that captures both the traditional business traveler and the value-seeking vacationer.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

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REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CESKE AEROLINIE by PEGASUS AIRLINE are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.