A private entity buys an equity stake in a state-owned enterprise through an asset sale, public offering, or mass privatization program. The Database classifies divestitures in two categories: Full. The government transfers 100% of the equity in the state-owned company to private entities (operator, institutional investors, and the like). Partial. The government transfers part of the equity in the state-owned company to private entities (operator, institutional investors, and the like). The private stake may or may not imply private management of the facility.