Alimentation Couche-Tard has signed a non-disclosure agreement with 7-Eleven’s Japan-based parent to advance discussions on a potential acquisition of the global convenience-store chain.

The agreement allows Laval, Que.-based Couche-Tard to conduct due diligence and collaborate with Seven & i on regulatory engagement as part of a proposed friendly takeover worth US$47 billion. While there is no guarantee that discussions will lead to a transaction, the companies are now showing signs of co-operation following earlier resistance from Seven & i, which had taken several steps to block Couche-Tard’s acquisition effort.

“We appreciate the special committee of Seven & i engaging in substantive discussions regarding our proposal and providing access to diligence,” said Couche-Tard President and CEO Alex Miller. “We look forward to working collaboratively with Seven & i in the interests of all stakeholders.”

Couche-Tard operates nearly 17,000 stores in 29 countries and territories under its Couche-Tard and Circle K banners in Canada and the U.S. The company is one of North America’s largest independent convenience-store operators and a leader in fuel retailing globally.

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Pictured: 7-Eleven store in Vancouver.

Photo: Shutterstock