This paper focuses on utility valuation acquisition, as documented by actual "market" transactions. Discussion includes commentary on the following issues: what are the general approaches for assessing the value of water works property, plant and equipment; what role do property records play in the valuation process; under what circumstances do property records understate value; how does depreciation policy impact property valuation; what factors do purchasers consider when arriving at a price that they are willing to pay; and, how do actual market transactions compare with theoretical valuations? Income and cost valuation approaches form the basis for utility valuations and have been accepted by courts and regulatory agencies as one element of market value. Market value is the fundamental basis for determining value. Other approaches represent an attempt to model market conditions. Although there is no formal "open market" where utility systems are exchanged on a regular basis between willing buyers and willing sellers, there have been many acquisitions of utilities in recent years. This paper includes a survey of actual acquisitions to examine the relationship between calculated valuations and market valuations of utility systems. Personal experience and discussions with utility executives indicate that many factors influence the price that a purchaser is willing to pay. These factors include: potential for growth; customer profile; rate differential between buyer and seller; proximity of service areas; investment per customer; condition of system; existence of credible accounting records,including property records; and, compatibility of processes. Information for the survey of utility acquisitions has been researched from available documents on file with public service regulatory agencies. The data compiled and a sound knowledge of the actual circumstances of acquisition for a specific transaction, form a reasonable test to validate theoretical approaches. Includes reference.