Privatize (verb)

1. To transfer ownership or control of a public asset, service or company from the government to the private sector.
2. To make something private or more private.

Origin:

Formed from the adjective private + -ize.

Examples:

1. The government decided to privatize the state-owned steel industry.
2. The company was privatized in the 1990s.
3. Some people argue that privatizing prisons will lead to better management and cost savings.
4. The government plan to privatize the schools.
5. He privatized his business by selling shares to the public.