D2E1M3U1T1U1A1L1I1Z10I1N1G2
26 points
DEMUTUALIZING is validvalid
DEMUTUALIZE, to change type of ownership [v]
DEMUTUALIZE, of a company, esp. a building society or other financial institution, to convert from a mutual company to one owned by stock- or shareholders, also DEMUTUALISE [v]