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What does privatisation mean?

Looking for the meaning or definition of the word privatisation? Here's what it means.

Noun
  1. Non-Oxford British English standard spelling of privatization.
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Examples
Its watchwords are free markets, privatisation, deregulation, flexibility, downsizing.
The workers believe that complete privatisation of the bank will lead to mass layoffs.
In part, this reflects the fact that such groups are benefiting from welfare privatisation.
We oppose privatisation, and campaign for the renationalisation of the railways and other public services.
Workers carried placards and banners, and raised slogans against privatisation and increases in electricity prices.
When the Government first began to publicly promote its agenda for full privatisation in 1998 there was a rural uproar.

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