1. to transfer ownership or control of a business, industry, or service from the government to private companies or individuals

Examples

• The government decided to privatize the postal service.
• Many countries privatized their telecommunications companies in the 1990s.
• The city council voted to privatize garbage collection.
• Critics argue that privatizing healthcare reduces access for the poor.
• The airline was privatized and sold to investors.
• They plan to privatize several state-owned enterprises this year.