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Rich Sparkle Holdings announced an agreement valued at $975 million to acquire Step Distinctive Limited, a company associated with Khaby Lame. The January 9, 2026 SEC filing says the consideration was to be paid in 75 million Rich Sparkle ordinary shares to the vendors—not as a $975 million cash payment to Lame. The filing also lists conditions to the transaction. Later news reports called the acquisition completed, but the filing reviewed here does not confirm that the conditions were met or that the shares were issued.
What the $975 million figure means
Rich Sparkle Holdings Limited’s January 9, 2026 Form 6-K describes a sale and purchase agreement with Serigne Khabane Lame and five entities. Under the agreement, Rich Sparkle intended to acquire all issued shares of Step Distinctive Limited for stated consideration of US$975 million, to be satisfied by issuing 75 million Rich Sparkle ordinary shares to the vendors. Read the Form 6-K.
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That is a stated transaction value, not evidence that Lame personally received $975 million in cash. The filing describes shares as the consideration and lists multiple vendors; it does not specify that the entire share consideration would go to Lame. Nor does the headline value establish how much any individual vendor ultimately received or what the shares were worth when issued.
What company was involved?
Step Distinctive is a British Virgin Islands company that, according to the filing, holds all shares in Hong Kong Prosperous Sheep Corporation Limited. The target group’s stated activities include e-commerce livestreaming, supply chain, livestreaming operations, and commercialization.
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The filing said Lame directly and indirectly controlled 49% of Step Distinctive before the transaction. One route for his indirect interest was Dominant Action Limited, which the filing said was 95% owned by Lame. The agreement covered all issued shares of Step Distinctive and named five entities alongside Lame as vendors, so the acquisition was not simply a sale of a 49% stake by Lame alone.
Was the acquisition completed?
The available accounts differ in how they describe the status. The January 9 SEC filing says Rich Sparkle entered into an agreement and that it intended to purchase Step Distinctive, subject to conditions. Bloomberg on January 27 and Le Monde on February 1, 2026, later described the acquisition as completed. The reviewed filing itself does not establish that closing occurred.
The filing summary identified conditions including a valuation satisfactory to Rich Sparkle of at least US$900 million, completion of due diligence, and exchange approval for dealing in the consideration shares. The stated agreement value does not, on its own, prove those conditions were satisfied or that the 75 million shares were delivered. A later SEC filing confirming completion or issuance was not located in the reviewed material. Accordingly, the precise supported description is an announced agreement valued at $975 million, with later reports describing it as completed but the primary filing reviewed here not confirming the closing.
What the reported deal was intended to include
Exclusive brand rights
Bloomberg reported on January 27, 2026, that the deal gave Rich Sparkle 36 months of exclusive global rights to Lame’s brand. Bloomberg also reported that Lame had 160 million TikTok followers and 360 million social-media followers at the time; those are dated audience figures, not current counts. Bloomberg’s report.
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Digital-twin and commerce plans
Le Monde reported on February 1, 2026, that the commercial strategy included developing an AI-powered digital twin intended to make content beyond human scheduling and time-zone constraints. It also described plans for global commercialization through video planning, brand promotion, and TikTok Shop activity, with possible co-branded beauty, fragrance, and fashion products. These were reported plans; the coverage does not establish that they launched, generated sales, or produced a particular financial return. Le Monde’s report.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the reported value does—and does not—show about Lame’s finances
A headline transaction value is not the same as personal proceeds. The announced amount applied to the acquisition of all issued shares of Step Distinctive, while the stated payment form was Rich Sparkle shares distributed to the vendors. Determining Lame’s personal proceeds would require knowing how the consideration was allocated among the vendors, whether the transaction closed, and the value and disposition of any shares he received. The reviewed material does not establish those details.
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The reviewed coverage also does not provide a reliably attributable, independently verified revenue or profit figure for Step Distinctive. Le Monde reported a stated goal of $4 billion in annual profits, but the material reviewed does not establish that as an achieved result or a forecast supported by audited accounts. It should not be treated as evidence of the company’s actual earnings.
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