BUENOS AIRES, June 9 (Reuters) - Argentina's mergers and

acquisitions market could grow significantly in the coming years

if President Javier Milei's economic reforms continue, Juan

Tripier, director of M&A and corporate finance at

PricewaterhouseCoopers (PwC) Argentina, told Reuters.

Investors have shown renewed interest in Argentina following

Milei's measures, which include sharp reductions in inflation

and public spending, a restored fiscal surplus, and relaxed

foreign exchange controls.

"Two, three years ago you contacted an international

company, an international investor, and Argentina was a bad

word. That has changed since Milei became president," Tripier

said in an interview with Reuters in Buenos Aires.

"There's a lot of excitement," he added. "That excitement is

both shared by international players, or international

investors, and local players."

Tripier said that within three to five years Argentina could

beat previous peak M&A years, when there were 120-150

transactions annually, with diversified activity across sectors

such as agribusiness, food, and infrastructure.

Historically, Argentina's deals involving multinational

companies were dominated by energy, mining, and technology,

though foreign investors are now expected to expand into other

industries.

In 2024, Argentina recorded 99 M&A deals, the highest since

2019, with transaction values reaching $8 billion-the largest

amount since 2017, PwC data showed.

Despite the surge, investors remain cautious due to

lingering dividend repatriation restrictions and high country

risk.

"Now you talk to investors abroad, they analyze

opportunities. Before they would say: No, Argentina is out of

the spectrum. Now they analyze the investment, they say: I want

to wait and see if the economy really consolidates," Tripier

said.

Vaca Muerta, the world's second-largest unconventional gas

reserve and fourth-largest oil reserve, located in the province

of Neuquén, is one of Argentina's main attractions.

"With the increase in investments not only in upstream

development but also in infrastructure-pipelines, processing

plants, and liquefied natural gas projects-we expect

realignments aimed at diversifying producers' exposure, with

some buying and others selling," said energy lawyer Jose

Martinez de Hoz of Martinez de Hoz & Rueda.

Daniel Dreizzen, former Secretary of Energy Planning and

director at consultancy Aleph Energy, projects $11.553 billion

in hydrocarbon exploration investments for 2024.

"There's been a lot of M&A activity. At Aleph, we're talking

to investors who are very interested in Argentina-obviously with

caution given our track record-but they're looking at

opportunities," Dreizzen said.