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.

Alimentation Couche-Tard has signed a non-disclosure agreement with Seven & i Holdings Co. Ltd., advancing takeover talks between the two convenience-store retailers that have been ongoing since August .

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