Rich Sparkle Holdings announced an agreement valued at US$975 million to acquire Step Distinctive Limited, a company in which Khaby Lame reportedly held a 49% stake. The consideration was to be 75 million Rich Sparkle ordinary shares issued to the sellers—not a US$975 million cash payment to Lame. The January 9, 2026 SEC filing describes a conditional agreement; later media reports called the acquisition completed, but the filing reviewed here does not establish that the conditions were met or the shares issued.
What was the $975 million transaction?
In a Form 6-K filed January 9, 2026, Rich Sparkle Holdings Limited said it had entered into a sale and purchase agreement with Serigne Khabane Lame and five other vendors to acquire all issued shares of Step Distinctive Limited. The filing valued the consideration at US$975 million, to be satisfied by issuing 75 million Rich Sparkle ordinary shares to the vendors. SEC Form 6-K
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That distinction matters: the stated amount was share consideration for the target company, not cash paid directly to Lame. Nor does an agreement’s stated value, by itself, establish that a transaction closed or that the shares were delivered.
Did Khaby Lame receive $975 million?
The filing does not say that Lame personally received US$975 million. It says the 75 million shares were to be issued to the vendors collectively. Lame was one of six named vendors; the available filing summary does not state how many of those shares, if any, were allocated to him individually.
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The US$975 million figure is the stated consideration for the acquisition of all Step Distinctive shares. It should not be described as Lame’s personal cash proceeds, and it does not establish the value of any shares ultimately received by an individual vendor.
What company was being acquired?
Step Distinctive Limited is identified in the filing as a British Virgin Islands company holding all shares in Hong Kong Prosperous Sheep Corporation Limited. The target group was described as working in e-commerce livestreaming, supply chain, livestreaming operations and commercialization.
Before the proposed transaction, Lame directly and indirectly controlled 49% of Step Distinctive, according to the filing. His company Dominant Action Limited was 95% owned by him. The acquisition agreement concerned all issued shares of Step Distinctive, not just Lame’s reported interest.
Was the acquisition completed?
The status is not established consistently in the available material. The January 9 SEC filing says Rich Sparkle entered into an agreement and describes conditions to the transaction. Bloomberg on January 27 and Le Monde on February 1 later described the acquisition as completed. However, the SEC-focused search reviewed for this account surfaced the original filing, not a later filing confirming that the conditions were met or that the 75 million shares were issued. Bloomberg · Le Monde
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The careful conclusion is that Rich Sparkle announced a conditional agreement with stated consideration of US$975 million in shares; later coverage reported it as completed, while the primary filing reviewed here does not verify closing. A signed agreement, satisfied conditions, a completed closing and issued consideration shares are separate milestones.
Conditions described in the filing
- A valuation of at least US$900 million that was satisfactory to Rich Sparkle.
- Completion of due diligence.
- Exchange approval for dealing in the consideration shares.
The filing summary lists these conditions but does not confirm their satisfaction. The minimum valuation condition is not evidence that a valuation was completed at that level, or that the transaction closed.
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What else did reports say the deal included?
Bloomberg reported that Rich Sparkle would receive exclusive global rights to Lame’s brand for 36 months. Its January 27, 2026 article described Lame as having 160 million TikTok followers and 360 million followers across social media at that time. Those are dated audience figures, not current counts. Bloomberg
Le Monde reported plans to develop an AI-powered digital twin intended to create content beyond the limits of human scheduling and time zones. It also described proposed global commercialization through video planning, brand promotion and TikTok Shop activity, and mentioned possible co-branded products in beauty, fragrance and fashion. These are reported plans, not proof that the initiatives launched, attracted customers or generated revenue. Le Monde
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Le Monde also reported a stated goal of US$4 billion in annual profits. The reviewed coverage does not establish that figure as an achieved result or a forecast supported by audited accounts. No reliably attributable, independently verified revenue or profit figure for Step Distinctive was available in the reviewed material.
Quick Recap
What the headline does—and does not—establish
- Established by the January 9 filing: Rich Sparkle announced an agreement to acquire all issued shares of Step Distinctive for stated consideration of US$975 million, payable in 75 million Rich Sparkle ordinary shares to the vendors.
- Not established by that filing: that Lame personally received US$975 million, that he received a specified portion of the shares, or that the transaction closed and the consideration shares were issued.
- Reported later by media: completion, a 36-month exclusive global brand-rights arrangement and proposed digital-twin and commerce initiatives. Those reports do not resolve the share-issuance question or demonstrate commercial results.
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