diff --git a/bin/install.pike b/bin/install.pike
index 9cf4580cc5880ab931ec1678011ae0cf35749805..37428d45b54ea79d59e1273b6ae23cc30a707179 100644
--- a/bin/install.pike
+++ b/bin/install.pike
@@ -286,7 +286,7 @@ int main(int argc, string *argv)
 //    werror("Making master with libdir=%s\n",lib_prefix);
     status("Finalizing",master);
     string master_data=Stdio.read_file(master);
-    master_data=replace(master_data,"�lib_prefix�",lib_prefix);
+    master_data=replace(master_data,"�lib_prefix�",replace(lib_prefix,"\\","\\\\"));
     Stdio.write_file(combine_path(vars->TMP_LIBDIR,"master.pike"),master_data);
     status("Finalizing",master,"done");