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English definition of “privatize”

privatize

verb [T] (UK usually privatise)     /ˈpraɪ.və.taɪz/
C1 If a government privatizes an industry, company, or service that it owns and controls, it sells it so that it becomes privately owned and controlled: I bought shares in British Gas when it was privatized.Government administration and organisationSelling privatization (UK usually privatisation)     /ˌpraɪ.vɪ.taɪˈzeɪ.ʃən/ US  /-t̬ə-/ noun [U] The last few years have seen the privatization of many industries previously owned by the state.Government administration and organisationSelling
(Definition of privatize verb from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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