Networking software maker

Novell

(NOVL)

said Monday it would buy

Cambridge Technology Partners

(CATP)

for $266 million in stock.

Based on its Friday closing price of $6.06 a share, Novell will exchange 0.668 shares of its stock for each share of Cambridge Technology, a global technology consulting company. The acquisition is expected to close in Novell's fiscal third quarter, at which time Cambridge would become a subsidiary of Provo, Utah-based Novell.

The deal was announced after the close of trading Monday. In regular-session trading, Novell closed at $5.81, down 25 cents, or 4%. Cambridge closed at $3.09, down 22 cents, or 6.6%. In after-hours

Island

action, Cambridge was recently trading at $3.65.