Source : Webster's Revised Unabridged Dictionary (1913)

Transact \Trans*act"\, v. t. [imp. & p. p. {Transacted}; p. pr.
   & vb. n. {Transacting}.] [L. transactus, p. p. of transigere.
   See {Transaction}.]
   To carry through; to do; perform; to manage; as, to transact
   commercial business; to transact business by an agent.

Transact \Trans*act"\, v. i.
   To conduct matters; to manage affairs. [R.] --South.

Source : WordNet®

transact
     v : conduct business; "transact with foreign governments"