diff --git a/hw/ppc/ppc.c b/hw/ppc/ppc.c
index 71df471746..bec82cd7a9 100644
--- a/hw/ppc/ppc.c
+++ b/hw/ppc/ppc.c
@@ -29,9 +29,11 @@
 #include "sysemu/cpus.h"
 #include "hw/timer/m48t59.h"
 #include "qemu/log.h"
+#include "qemu/error-report.h"
 #include "hw/loader.h"
 #include "sysemu/kvm.h"
 #include "kvm_ppc.h"
+#include "trace.h"
 
 //#define PPC_DEBUG_IRQ
 //#define PPC_DEBUG_TB
@@ -49,6 +51,8 @@
 #  define LOG_TB(...) do { } while (0)
 #endif
 
+#define NSEC_PER_SEC    1000000000LL
+
 static void cpu_ppc_tb_stop (CPUPPCState *env);
 static void cpu_ppc_tb_start (CPUPPCState *env);
 
@@ -829,6 +833,81 @@ static void cpu_ppc_set_tb_clk (void *opaque, uint32_t freq)
     cpu_ppc_store_purr(cpu, 0x0000000000000000ULL);
 }
 
+static void timebase_pre_save(void *opaque)
+{
+    PPCTimebase *tb = opaque;
+    uint64_t ticks = cpu_get_real_ticks();
+    PowerPCCPU *first_ppc_cpu = POWERPC_CPU(first_cpu);
+
+    if (!first_ppc_cpu->env.tb_env) {
+        error_report("No timebase object");
+        return;
+    }
+
+    tb->time_of_the_day_ns = get_clock_realtime();
+    /*
+     * tb_offset is only expected to be changed by migration so
+     * there is no need to update it from KVM here
+     */
+    tb->guest_timebase = ticks + first_ppc_cpu->env.tb_env->tb_offset;
+}
+
+static int timebase_post_load(void *opaque, int version_id)
+{
+    PPCTimebase *tb_remote = opaque;
+    CPUState *cpu;
+    PowerPCCPU *first_ppc_cpu = POWERPC_CPU(first_cpu);
+    int64_t tb_off_adj, tb_off, ns_diff;
+    int64_t migration_duration_ns, migration_duration_tb, guest_tb, host_ns;
+    unsigned long freq;
+
+    if (!first_ppc_cpu->env.tb_env) {
+        error_report("No timebase object");
+        return -1;
+    }
+
+    freq = first_ppc_cpu->env.tb_env->tb_freq;
+    /*
+     * Calculate timebase on the destination side of migration.
+     * The destination timebase must be not less than the source timebase.
+     * We try to adjust timebase by downtime if host clocks are not
+     * too much out of sync (1 second for now).
+     */
+    host_ns = get_clock_realtime();
+    ns_diff = MAX(0, host_ns - tb_remote->time_of_the_day_ns);
+    migration_duration_ns = MIN(NSEC_PER_SEC, ns_diff);
+    migration_duration_tb = muldiv64(migration_duration_ns, freq, NSEC_PER_SEC);
+    guest_tb = tb_remote->guest_timebase + MIN(0, migration_duration_tb);
+
+    tb_off_adj = guest_tb - cpu_get_real_ticks();
+
+    tb_off = first_ppc_cpu->env.tb_env->tb_offset;
+    trace_ppc_tb_adjust(tb_off, tb_off_adj, tb_off_adj - tb_off,
+                        (tb_off_adj - tb_off) / freq);
+
+    /* Set new offset to all CPUs */
+    CPU_FOREACH(cpu) {
+        PowerPCCPU *pcpu = POWERPC_CPU(cpu);
+        pcpu->env.tb_env->tb_offset = tb_off_adj;
+    }
+
+    return 0;
+}
+
+const VMStateDescription vmstate_ppc_timebase = {
+    .name = "timebase",
+    .version_id = 1,
+    .minimum_version_id = 1,
+    .minimum_version_id_old = 1,
+    .pre_save = timebase_pre_save,
+    .post_load = timebase_post_load,
+    .fields      = (VMStateField []) {
+        VMSTATE_UINT64(guest_timebase, PPCTimebase),
+        VMSTATE_INT64(time_of_the_day_ns, PPCTimebase),
+        VMSTATE_END_OF_LIST()
+    },
+};
+
 /* Set up (once) timebase frequency (in Hz) */
 clk_setup_cb cpu_ppc_tb_init (CPUPPCState *env, uint32_t freq)
 {
diff --git a/hw/ppc/spapr.c b/hw/ppc/spapr.c
index adac5ffbfb..fd7d8f704a 100644
--- a/hw/ppc/spapr.c
+++ b/hw/ppc/spapr.c
@@ -817,14 +817,14 @@ static int spapr_vga_init(PCIBus *pci_bus)
 
 static const VMStateDescription vmstate_spapr = {
     .name = "spapr",
-    .version_id = 1,
+    .version_id = 2,
     .minimum_version_id = 1,
     .fields = (VMStateField[]) {
         VMSTATE_UINT32(next_irq, sPAPREnvironment),
 
         /* RTC offset */
         VMSTATE_UINT64(rtc_offset, sPAPREnvironment),
-
+        VMSTATE_PPC_TIMEBASE_V(tb, sPAPREnvironment, 2),
         VMSTATE_END_OF_LIST()
     },
 };
diff --git a/include/hw/ppc/spapr.h b/include/hw/ppc/spapr.h
index 5fdac1e009..9f8bb89600 100644
--- a/include/hw/ppc/spapr.h
+++ b/include/hw/ppc/spapr.h
@@ -29,6 +29,7 @@ typedef struct sPAPREnvironment {
     target_ulong entry_point;
     uint32_t next_irq;
     uint64_t rtc_offset;
+    struct PPCTimebase tb;
     bool has_graphics;
 
     uint32_t epow_irq;
diff --git a/target-ppc/cpu-qom.h b/target-ppc/cpu-qom.h
index 47dc8e6fdf..d926d9369e 100644
--- a/target-ppc/cpu-qom.h
+++ b/target-ppc/cpu-qom.h
@@ -120,6 +120,22 @@ int ppc64_cpu_write_elf64_note(WriteCoreDumpFunction f, CPUState *cs,
                                int cpuid, void *opaque);
 #ifndef CONFIG_USER_ONLY
 extern const struct VMStateDescription vmstate_ppc_cpu;
+
+typedef struct PPCTimebase {
+    uint64_t guest_timebase;
+    int64_t time_of_the_day_ns;
+} PPCTimebase;
+
+extern const struct VMStateDescription vmstate_ppc_timebase;
+
+#define VMSTATE_PPC_TIMEBASE_V(_field, _state, _version) {            \
+    .name       = (stringify(_field)),                                \
+    .version_id = (_version),                                         \
+    .size       = sizeof(PPCTimebase),                                \
+    .vmsd       = &vmstate_ppc_timebase,                              \
+    .flags      = VMS_STRUCT,                                         \
+    .offset     = vmstate_offset_value(_state, _field, PPCTimebase),  \
+}
 #endif
 
 #endif
diff --git a/target-ppc/kvm.c b/target-ppc/kvm.c
index 0744f51a3b..ca31027df7 100644
--- a/target-ppc/kvm.c
+++ b/target-ppc/kvm.c
@@ -35,6 +35,7 @@
 #include "hw/sysbus.h"
 #include "hw/ppc/spapr.h"
 #include "hw/ppc/spapr_vio.h"
+#include "hw/ppc/ppc.h"
 #include "sysemu/watchdog.h"
 #include "trace.h"
 
@@ -865,6 +866,8 @@ int kvm_arch_put_registers(CPUState *cs, int level)
                 DPRINTF("Warning: Unable to set VPA information to KVM\n");
             }
         }
+
+        kvm_set_one_reg(cs, KVM_REG_PPC_TB_OFFSET, &env->tb_env->tb_offset);
 #endif /* TARGET_PPC64 */
     }
 
@@ -1089,6 +1092,8 @@ int kvm_arch_get_registers(CPUState *cs)
                 DPRINTF("Warning: Unable to get VPA information from KVM\n");
             }
         }
+
+        kvm_get_one_reg(cs, KVM_REG_PPC_TB_OFFSET, &env->tb_env->tb_offset);
 #endif
     }
 
diff --git a/trace-events b/trace-events
index e984e762cf..b35c39b674 100644
--- a/trace-events
+++ b/trace-events
@@ -1195,6 +1195,9 @@ spapr_iommu_get(uint64_t liobn, uint64_t ioba, uint64_t ret, uint64_t tce) "liob
 spapr_iommu_xlate(uint64_t liobn, uint64_t ioba, uint64_t tce, unsigned perm, unsigned pgsize) "liobn=%"PRIx64" 0x%"PRIx64" -> 0x%"PRIx64" perm=%u mask=%x"
 spapr_iommu_new_table(uint64_t liobn, void *tcet, void *table, int fd) "liobn=%"PRIx64" tcet=%p table=%p fd=%d"
 
+# hw/ppc/ppc.c
+ppc_tb_adjust(uint64_t offs1, uint64_t offs2, int64_t diff, int64_t seconds) "adjusted from 0x%"PRIx64" to 0x%"PRIx64", diff %"PRId64" (%"PRId64"s)"
+
 # util/hbitmap.c
 hbitmap_iter_skip_words(const void *hb, void *hbi, uint64_t pos, unsigned long cur) "hb %p hbi %p pos %"PRId64" cur 0x%lx"
 hbitmap_reset(void *hb, uint64_t start, uint64_t count, uint64_t sbit, uint64_t ebit) "hb %p items %"PRIu64",%"PRIu64" bits %"PRIu64"..%"PRIu64