EchoStar Corp. announced Thursday that it has created a new division called EchoStar Capital to invest the $45 billion the company has generated from the sale of its wireless spectrum.

EchoStar founder and chairman Charlie Ergen will take over as president and CEO of EchoStar Corp., putting him in charge of the operations of the pay television and wireless business units. Former EchoStar CEO Hamid Akhavan will head up the new investment arm.

“This is an opportune moment in time for our business to go on the offense as we build upon our 45-year institutional heritage and forge a new path forward for creating and developing opportunities in our strategic expertise domains that will provide attractive value creation for EchoStar and its shareholders,” Akhavan said in a news release .

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