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English definition of “privatize”

privatize

verb [T] uk (UK usually privatise)   /ˈpraɪ.və.taɪz/ us  
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.
privatization
noun [U] uk (UK usually privatisation)   /ˌpraɪ.vɪ.taɪˈzeɪ.ʃən/ us    /-t̬ə-/
The last few years have seen the privatization of many industries previously owned by the state.
(Definition of privatize from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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