Alimentation Couche-Tard (ACT) and Japan's Seven & i said they have signed a non-disclosure agreement (NDA) that will give the Canadian company access to the Japanese retailer's financial data as it seeks a $47 billion acquisition.

The companies have agreed to advance negotiations, conduct due diligence and collaborate on engaging with regulators.

Canada’s Alimentation Couche-Tard has taken a significant step forward in its bid to buy Seven & i Holdings, after the 7-Eleven owner finally granted it access to the kinds of financial information it had been pushing for.