To take out of public operation or ownership; to instigate private sector participation in the financing and/or operation and/or maintenance and/or ownership of public assets, such as treatment plants and collection systems, for example.

to convert state-owned enterprises to private ownership

change from governmental to private control or ownership; "The oil industry was privatized"

Conversion of government responsibility to corporate ownership.

To transfer control or ownership of an industry from public to private hands.