Hi Boudewijn, there are many solution. the best one which i can share with you

1. Split Column by Delimiter with a space, that will separate date,time
2. From the time column Extracted First 5 Characters
3. Replace "." with ":" for time
4. Combine column Time Column & AM/PM column 
5. Update the correct data types

hope the above step will resolve your query, you can also try the below code by pasting it in your query advance editor. Your Excel Table Name must be "Table1"

let
    Source = Excel.CurrentWorkbook(){[Name="Table1"]}[Content],
    #"Split Column by Delimiter" = Table.SplitColumn(Source, "Time", Splitter.SplitTextByDelimiter(" ", QuoteStyle.Csv), {"Time.1", "Time.2", "Time.3"}),
    #"Extracted First Characters" = Table.TransformColumns(#"Split Column by Delimiter", {{"Time.2", each Text.Start(_, 5), type text}}),
    #"Replaced Value" = Table.ReplaceValue(#"Extracted First Characters",".",":",Replacer.ReplaceText,{"Time.2"}),
    #"Merged Columns" = Table.CombineColumns(#"Replaced Value",{"Time.2", "Time.3"},Combiner.CombineTextByDelimiter(" ", QuoteStyle.None),"Time"),
    #"Renamed Columns" = Table.RenameColumns(#"Merged Columns",{{"Time.1", "Date"}}),
    #"Changed Type" = Table.TransformColumnTypes(#"Renamed Columns",{{"Date", type date}, {"Time", type time}})
in
    #"Changed Type"