1. to transfer ownership or control of a business, industry, or service from the government to private companies or individuals
Usage: British spelling; American spelling is ‘privatize’

Examples

• The government decided to privatise the railway system.
• Many state-owned utilities were privatised in the 1980s.
• The company was privatised through a public share offering.
• Critics argued that privatising healthcare would reduce quality.
• The privatisation of the postal service sparked public debate.
• Several European countries chose to privatise their telecommunications networks.