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.

The c-store giants inked nondisclosure agreements with potential buyers earlier this year. They’ve now done so with each other, which should help them facilitate deal discussions and due diligence.