MasterCard board authorizes company to buy back $1B in class A shares

MasterCard approves $1B share buyback

PURCHASE, N.Y. — The board of MasterCard Inc. has given approval for the repurchase of up to $1 billion of company class A shares in open market transactions.

Tuesday’s authorization is effective immediately.

The decision came after a periodic review of the company’s capital and the conclusion that strong cash flow permits the company to return cash to shareholders through a buyback.

MasterCard shares surged $6.72, or 3.5 percent, to close at $199.75.