to make or hold private; specif., to turn over (a public property, service, etc.) to private interests
transitive verbpri·va·tized, pri·va·tiz·ing, pri·va·tiz·es
To change (an industry or business, for example) from governmental or public ownership or control to private enterprise: “Egypt has to some degree privatized agriculture, allowing farmers to sell directly to consumers instead of through the government” (Marq de Villiers).
(third-person singular simple present privatizes, present participle privatizing, simple past and past participle privatized)