Meaning of “privatize” - Learner’s Dictionary

privatize

verb [ T ] also UK -ise us uk /ˈpraɪvɪtaɪz/

If an industry or organization owned by the government is privatized, it is sold to private companies.

privatization noun [ U ] us uk /ˌpraɪvɪtaɪˈzeɪʃən/

(Definition of “privatize” from the Cambridge Learner’s Dictionary © Cambridge University Press)