Constellis Holdings LLC, the owner of the U.S. military security services business formerly known as Blackwater, is exploring a sale it hopes will value the company at as much as $1 billion, including debt, according to people familiar with the matter.

The sale process will test, both financially and reputationally, the extent to which potential private equity investors view Constellis as an attractive business after four former Blackwater security guards received long prison sentences last year for the fatal shooting of 14 civilians in Iraq in 2007.

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