diff --git a/hw/i386/kvm/xenstore_impl.c b/hw/i386/kvm/xenstore_impl.c
index e7bbe3deee..692622f706 100644
--- a/hw/i386/kvm/xenstore_impl.c
+++ b/hw/i386/kvm/xenstore_impl.c
@@ -44,9 +44,19 @@ typedef struct XsWatch {
     int rel_prefix;
 } XsWatch;
 
+typedef struct XsTransaction {
+    XsNode *root;
+    unsigned int base_tx;
+    unsigned int tx_id;
+    unsigned int dom_id;
+} XsTransaction;
+
 struct XenstoreImplState {
     XsNode *root;
     GHashTable *watches;
+    GHashTable *transactions;
+    unsigned int root_tx;
+    unsigned int last_tx;
 };
 
 static inline XsNode *xs_node_new(void)
@@ -169,6 +179,7 @@ struct walk_op {
     bool inplace;
     bool mutating;
     bool create_dirs;
+    bool in_transaction;
 };
 
 static void fire_watches(struct walk_op *op, bool parents)
@@ -176,7 +187,7 @@ static void fire_watches(struct walk_op *op, bool parents)
     GList *l = NULL;
     XsWatch *w;
 
-    if (!op->mutating) {
+    if (!op->mutating || op->in_transaction) {
         return;
     }
 
@@ -421,6 +432,16 @@ static int xs_node_walk(XsNode **n, struct walk_op *op)
     op->path[namelen] = '\0';
     if (!namelen) {
         assert(!op->watches);
+        /*
+         * If the main tree was changed, bump its tx ID so that outstanding
+         * transactions correctly fail. But don't bump it every time; only
+         * if it makes a difference.
+         */
+        if (!err && op->mutating && !op->in_transaction) {
+            if (op->s->root_tx != op->s->last_tx) {
+                op->s->root_tx = ++op->s->last_tx;
+            }
+        }
     }
     return err;
 }
@@ -479,13 +500,20 @@ static int init_walk_op(XenstoreImplState *s, struct walk_op *op,
     op->inplace = true;
     op->mutating = false;
     op->create_dirs = false;
+    op->in_transaction = false;
     op->dom_id = dom_id;
     op->s = s;
 
     if (tx_id == XBT_NULL) {
         *rootp = &s->root;
     } else {
-        return ENOENT;
+        XsTransaction *tx = g_hash_table_lookup(s->transactions,
+                                                GINT_TO_POINTER(tx_id));
+        if (!tx) {
+            return ENOENT;
+        }
+        *rootp = &tx->root;
+        op->in_transaction = true;
     }
 
     return 0;
@@ -559,13 +587,65 @@ int xs_impl_directory(XenstoreImplState *s, unsigned int dom_id,
 int xs_impl_transaction_start(XenstoreImplState *s, unsigned int dom_id,
                               xs_transaction_t *tx_id)
 {
-    return ENOSYS;
+    XsTransaction *tx;
+
+    if (*tx_id != XBT_NULL) {
+        return EINVAL;
+    }
+
+    tx = g_new0(XsTransaction, 1);
+
+    tx->tx_id = ++s->last_tx;
+    tx->base_tx = s->root_tx;
+    tx->root = xs_node_ref(s->root);
+    tx->dom_id = dom_id;
+
+    g_hash_table_insert(s->transactions, GINT_TO_POINTER(tx->tx_id), tx);
+    *tx_id = tx->tx_id;
+    return 0;
+}
+
+static int transaction_commit(XenstoreImplState *s, XsTransaction *tx)
+{
+    if (s->root_tx != tx->base_tx) {
+        return EAGAIN;
+    }
+    xs_node_unref(s->root);
+    s->root = tx->root;
+    tx->root = NULL;
+    s->root_tx = tx->tx_id;
+
+    /*
+     * XX: Walk the new root and fire watches on any node which has a
+     * refcount of one (which is therefore unique to this transaction).
+     */
+    return 0;
 }
 
 int xs_impl_transaction_end(XenstoreImplState *s, unsigned int dom_id,
                             xs_transaction_t tx_id, bool commit)
 {
-    return ENOSYS;
+    int ret = 0;
+
+    if (commit) {
+        XsTransaction *tx = g_hash_table_lookup(s->transactions,
+                                                GINT_TO_POINTER(tx_id));
+        if (!tx || tx->dom_id != dom_id) {
+            return ENOENT;
+        }
+
+        ret = transaction_commit(s, tx);
+        /*
+         * It *is* in the hash table still, so g_hash_table_remove() will
+         * return true and we'll return ret;
+         */
+    }
+
+    if (g_hash_table_remove(s->transactions, GINT_TO_POINTER(tx_id))) {
+        return ret;
+    } else {
+        return ENOENT;
+    }
 }
 
 int xs_impl_rm(XenstoreImplState *s, unsigned int dom_id,
@@ -786,11 +866,22 @@ int xs_impl_reset_watches(XenstoreImplState *s, unsigned int dom_id)
     return 0;
 }
 
+static void xs_tx_free(void *_tx)
+{
+    XsTransaction *tx = _tx;
+    if (tx->root) {
+        xs_node_unref(tx->root);
+    }
+    g_free(tx);
+}
+
 XenstoreImplState *xs_impl_create(void)
 {
     XenstoreImplState *s = g_new0(XenstoreImplState, 1);
 
     s->watches = g_hash_table_new_full(g_str_hash, g_str_equal, g_free, NULL);
+    s->transactions = g_hash_table_new_full(g_direct_hash, g_direct_equal,
+                                            NULL, xs_tx_free);
     s->root = xs_node_new();
 #ifdef XS_NODE_UNIT_TEST
     s->root->name = g_strdup("/");
diff --git a/tests/unit/test-xs-node.c b/tests/unit/test-xs-node.c
index fb7f12aaa1..d51677584f 100644
--- a/tests/unit/test-xs-node.c
+++ b/tests/unit/test-xs-node.c
@@ -23,6 +23,7 @@ static GList *xs_node_list;
 /* This doesn't happen in qemu but we want to make valgrind happy */
 static void xs_impl_delete(XenstoreImplState *s)
 {
+    g_hash_table_unref(s->transactions);
     g_hash_table_unref(s->watches);
     xs_node_unref(s->root);
     g_free(s);
@@ -246,12 +247,108 @@ static void test_xs_node_simple(void)
 }
 
 
+static void do_test_xs_node_tx(bool fail, bool commit)
+{
+    XenstoreImplState *s = setup();
+    GString *watches = g_string_new(NULL);
+    GByteArray *data = g_byte_array_new();
+    unsigned int tx_id = XBT_NULL;
+    int err;
+
+    g_assert(s);
+
+    /* Set a watch */
+    err = xs_impl_watch(s, DOMID_GUEST, "some", "watch",
+                        watch_cb, watches);
+    g_assert(!err);
+    g_assert(watches->len == strlen("somewatch"));
+    g_assert(!strcmp(watches->str, "somewatch"));
+    g_string_truncate(watches, 0);
+
+    /* Write something */
+    err = write_str(s, DOMID_GUEST, XBT_NULL, "some/relative/path",
+                    "something");
+    g_assert(!err);
+    g_assert(!strcmp(watches->str,
+                     "some/relative/pathwatch"));
+    g_string_truncate(watches, 0);
+
+    /* Create a transaction */
+    err = xs_impl_transaction_start(s, DOMID_GUEST, &tx_id);
+    g_assert(!err);
+
+    if (fail) {
+        /* Write something else in the root */
+        err = write_str(s, DOMID_GUEST, XBT_NULL, "some/relative/path",
+                        "another thing");
+        g_assert(!err);
+        g_assert(!strcmp(watches->str,
+                         "some/relative/pathwatch"));
+        g_string_truncate(watches, 0);
+    }
+
+    g_assert(!watches->len);
+
+    /* Perform a write in the transaction */
+    err = write_str(s, DOMID_GUEST, tx_id, "some/relative/path",
+                    "something else");
+    g_assert(!err);
+    g_assert(!watches->len);
+
+    /* The transaction should fail */
+    err = xs_impl_transaction_end(s, DOMID_GUEST, tx_id, commit);
+    if (commit && fail) {
+        g_assert(err == EAGAIN);
+    } else {
+        g_assert(!err);
+    }
+    g_assert(!watches->len);
+
+    err = xs_impl_unwatch(s, DOMID_GUEST, "some", "watch",
+                        watch_cb, watches);
+    g_assert(!err);
+
+    err = xs_impl_read(s, DOMID_GUEST, XBT_NULL, "some/relative/path", data);
+    g_assert(!err);
+    if (fail) {
+        g_assert(data->len == strlen("another thing"));
+        g_assert(!memcmp(data->data, "another thing", data->len));
+    } else if (commit) {
+        g_assert(data->len == strlen("something else"));
+        g_assert(!memcmp(data->data, "something else", data->len));
+    } else {
+        g_assert(data->len == strlen("something"));
+        g_assert(!memcmp(data->data, "something", data->len));
+    }
+    g_byte_array_unref(data);
+    g_string_free(watches, true);
+    xs_impl_delete(s);
+}
+
+static void test_xs_node_tx_fail(void)
+{
+    do_test_xs_node_tx(true, true);
+}
+
+static void test_xs_node_tx_abort(void)
+{
+    do_test_xs_node_tx(false, false);
+    do_test_xs_node_tx(true, false);
+}
+static void test_xs_node_tx_succeed(void)
+{
+    do_test_xs_node_tx(false, true);
+}
+
 int main(int argc, char **argv)
 {
     g_test_init(&argc, &argv, NULL);
     module_call_init(MODULE_INIT_QOM);
 
     g_test_add_func("/xs_node/simple", test_xs_node_simple);
+    g_test_add_func("/xs_node/tx_abort", test_xs_node_tx_abort);
+    g_test_add_func("/xs_node/tx_fail", test_xs_node_tx_fail);
+    g_test_add_func("/xs_node/tx_succeed", test_xs_node_tx_succeed);
 
     return g_test_run();
 }
