Pegasus Airlines

On 1 December 1989, two businesses, Net and Silkar, partnered with Aer Lingus to create an inclusive tour charter airline called Pegasus Airlines and services were inaugurated on 15 April 1990 with two Boeing 737-400s. In Greek mythology, Pegasus was a winged horse sired by Poseidon, in his role as horse-god, and foaled by the Gorgon Medusa. However, four months after the launch, Iraq invaded Kuwait and the seven-month occupation that followed had a serious effect on Turkish tourism. By 1992, tourists began returning to the country and Pegasus grew with the acquisition of a third 737-400. The airline leased a further two Airbus A320s to meet the summer demand.After two positive years, Aer Lingus and Net sold their shares in the company in 1994 to Istanbul-based Yap? Kredi bank, making Pegasus a purely Turkish company.On 4 September 1997, Pegasus placed an order for one 737-400 and one 737-800 from Boeing Commercial Airplanes, making it the first Turkish carrier to place an order for the Boeing 737 Next Generation. The airline also signed lease agreements for a further 10 737-800s from the ILFC.In January 2005, ESAS Holdings purchased Pegasus Airlines and placed Ali Sabanci as the chairman. Two months later, he changed the airline from a charter airline to a low-cost airline. In November 2005, Pegasus placed an order for 12 new 737-800s from Boeing, which was backed up with an order for a further 12 737-800s in November 2008. The latter order had flexibility, as the orders could be changed to the 149-seat 737-700 or the 215-seat 737-900 depending on market demand. In 2018, Pegasus tried to acquire an A380 but later cancelled the order.In 2007, Pegasus had reached a domestic market share of 15%, which grew to 27% in 2013. In 2019, it carried a total of 29.87 million passengers.

In November 2011, Air Berlin and Pegasus Airlines launched Air Berlin Turkey, which was aimed at the charter market between Germany and Turkey. The new airline however was absorbed into Pegasus Airlines on 31 March 2013.In 2012, Pegasus Airlines, the second-largest airline in Turkey, signed for up to 100 A320neo Family aircraft , of which 75 were firm orders. Pegasus became a new Airbus customer and the first Turkish airline to order the A320neo. This was the largest single commercial aircraft order ever placed by an airline in Turkey at that time and was announced on 18 December 2012 at a ceremony attended by Binali Y?ld?r?m, the Turkish Minister of Transport. In June 2012, Pegasus Airlines bought 49% of the Kyrgyz air company Air Manas. On 22 March 2013, the air company operated its first flight under the brand name Pegasus Asia.The company offered 34.5% of its shares of stock to the public. The shares began to be traded at the Borsa Istanbul as B?ST: PGSUS on 26 April 2013.

In October 2016, Pegasus Airlines announced it was offering three of its aircraft on the ACMI and leasing markets, stating severely decreasing passenger numbers.