privatize

verb [T] (UK usually privatise)

/ˈpraɪ.və.taɪz/

Definition

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/

/-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)