Pegasus Airlines (Turkish: Pegasus Hava Taşımacılığı A.Ş.) (BİST: PGSUS), sometimes stylized as Flypgs, is a Turkish low-cost carrier headquartered in the Kurtköy area of Pendik, Istanbul[3] with bases at several Turkish airports.

History

A former Pegasus Airlines Boeing 737-400 in the airline’s old livery (photographed c. 2008)

Pegasus is the winged divine horse in Greek mythology.
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 (Greek: Πήγασος Pégasos, ‘strong’) 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.[4] 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 Yapı Kredi bank, making Pegasus a purely Turkish company.