The companies involved in the cartel were Hitachi, LG, Quanta Storage, Sony, Toshiba and Samsung.
The European Union opened an investigation into the matter after it found that companies were price fixing drives bought by HP, Microsoft and HP.
In a statement, the EU competition commission Margrethe Vestager said that companies operating cartels can’t dodge fines by holding clandestine meetings outside Europe.
Philips escaped punishment because it was the whistleblower which implicated the other vendors.
The vendors colluded in the cartel between 2004 and 2008, according to the EU.