MasterCard Incorporated (NYSE:MA) today announced that its Board of Directors has approved a share repurchase program for up to $1.0 billion of its Class A common stock in open market transactions.
The share repurchase authorization is effective immediately.
"We're very pleased with the Board's approval of this new share repurchase program," said Ajay Banga, MasterCard's president and chief executive officer. "This stock repurchase program is the result of a periodic review of our capital structure, and is enabled by MasterCard's strong and consistent cash flow. It is an important way of returning cash to our shareholders while allowing us the flexibility to pursue our business strategy."